Thumpalumpacus
Major
With a massively outnumbered, outperformed and outgunned fighter force, zero strategic bombers, and an outnumbered army, it's tough to see what Britain could have done to deter Hitler in 1938.
I think that's exactly the lesson we should draw, using hindsight, when analyzing the 30s. And you're right that this wasn't Chamberlain's fault, in the sense that Defence had been left to languish long before he took office. That too is a lesson we should draw.
Deterrence needs the potential of force to make it useful. If the force is not there, deterrence is hollow.