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The article offers a new interpretation of Swiss history following the First World War. It argues that, thanks to the country’s preservation of neutrality during the war and its relative internal stability in the following years, the Swiss Confederation transformed itself during the 1920s into a liberal-conservative bastion in the heart of Europe by combining a weak state and financial liberalism with growing political conservatism. In comparison to other nations that participated in the war, this evolution wrought a number of deep transformations, especially in the economic sphere. It is therefore only when we contextualise the Swiss case in its broader European perspective that we can understand its development during the 1920s.