Austerity economists read inflation as a threat to capitalist subordination

Evidence

Notwithstanding the prima facie interpretation of infl ation as a monetary phenomenon, economists made clear that, beneath it, the solution was about subordination of the citizens to capitalism. Th ese thoughts were coherent with a deepseated fear about the political consequences of infl ation. — Clara E. Mattei, The Capital Order, 784

Categorization

• XREF: connects to: Export-led growth structurally demands wage suppression and anti-inflationary monetary dominance — Mark Blyth, Austerity: The History of a Dangerous…, 368; Economists treated inflation as a threat to the capitalist system itself. — Clara E. Mattei, Escape from Capitalism, 12; High interest rates deliberately broke workers’ power to enforce subordination — Clara E. Mattei, Escape from Capitalism, 154 (+9 more)

Broader Connections

• Inflation triggers both social unrest and questioning of capitalist legitimacy #expands (0.80)
• Inflationary crises endanger capitalism by exposing its unjust distribution of goods. #expands (0.80) — Clara E. Mattei, Escape from Capitalism, 277
• Inflation threatens the contractual basis of capitalism itself #expands (0.78) — Clara E. Mattei, Escape from Capitalism, 12
• Austerity was capitalism’s manufactured response to worker challenges #expands (0.72) — Clara E. Mattei, The Capital Order, 585