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The centrist theory of the lower middle class is widely used to explain the Social Credit movement in Alberta. The theory assumes that members of this class are ultimately conservative, if not reactionary, in both outlook and behaviour. However, the application of the theory to the Alberta movement is shown to be problematic for several reasons. Those offering this explanation do not back up their claims with evidence. Empirical analyses of the provincial elections of 1935 and 1940 present findings which are at odds with the conventional interpretation. A review of the Social Credit philosophy and the party's first term of office also reveals that the standard class analysis has some serious shortcomings. An alternative interpretation is provided.