Oswald Mosley's political trajectory during the 1920s began with semi-detached Conservatism, shifted to high minded Liberalism and subsequently to the Labour Party. His youth, aristocratic style, campaigning energy and money appealed to many of his new comrades whilst arousing the jealousy of rivals. For Mosley Labour would hopefully be the effective instrument for economic modernization and national regeneration. The culmination of his Labour career came with office in the 1929 Government. Frustration at the economic orthodoxy of ministerial colleagues led to resignation and failed attempts to secure support from the independently minded of all parties. The consequence was his rejection of the established institutions and procedures of British politics. The failed initiative of the New Party was followed by the launching of the British Union of Fascists. This odyssey illuminates the marginalization of a precocious talent and thereby the complexities of a party system facing the challenges of mass electoral democracy and economic crisis.