1920s and 1930s, but crashed after 1945 as he was blamed for the appeasement policies toward Germany, and as admirers of Churchill made him the Conservative icon. Since the 1970s Baldwin's reputation has recovered somewhat. Labour won the 1923 election, but in 1924 Baldwin and the Conservatives returned with a large majority. McKibbin finds that the political culture of the interwar period was built around an anti-socialist middle class, supported by the Conservative leaders, especially Baldwin. Economics Taxes rose sharply during the war and never returned to their old levels. A rich man paid 8% of his income in taxes before the war, and about a third afterwards. Much of the money went for the dole, the weekly unemployment benefits. About 5% of the national income every year was transferred from the rich to the poor. A. J. P. Taylor argues most people "were enjoying a richer life than any previously known in the history of the world: longer holidays, shorter hours, higher real wages." The British economy was lackluster in the 1920s, with sharp declines and high unemployment in heavy industry and coal, especially in Scotland and Wales. Exports of coal and steel fell in half by 1939 and the business community was slow to adopt the new labour and management principles coming from the US, such as Fordism, consumer credit, eliminating surplus capacity, designing a more structured management, and using greater economies of scale. For over a century the shipping industry had dominated world trade, but it remained in the doldrums despite various stimulus efforts by the government. With the very sharp decline in world trade after 1929, its condition became critical. Chancellor of the Exchequer Winston Churchill put Britain back on the gold standard in 1925, which many economists blame for the mediocre performance of the economy. Others point to a variety of factors, including the inflationary effects of the World War and supply-side shocks caused by reduced working hours after the war. By the late 1920s, economic performance had stabilised, but the overall situation was disappointing, for Britain had fallen behind the United States as the leading industrial power. There also remained a strong economic divide between the north and south of England during this period, with the south of England and the Midlands fairly prosperous by the Thirties, while parts of south Wales and the industrial north of England became known as "distressed areas" due