Holding major events constant in the London Treaty scenario

The London Treaty scenario deliberately leaves the Wall Street crash in place, since changing every major event would destroy the comparison. It changes selected electoral outcomes, with Stanley Baldwin rather than Ramsay MacDonald in Britain and Hoover or Al Smith considered in the United States. MacDonald is singled out because he drove the historical British settlement. Preserving the economic shock while changing only a few political decisions keeps the counterfactual close enough to history to test the treaty.