Central banks trigger recessions to enforce workers’ acceptance of wage labor.

Evidence

History reveals that, far from being eternal, our economy is fundamentally fragile and based on political decisions that enforce specific social relations. When the central bankers of this world raise interest rates knowing that the practice will cause an economic recession, they do so out of at least one particular concern: if people no longer accept their condition as low-paid wage laborers without secure employment, our economic system would collapse. They are right. — Clara E. Mattei, Escape from Capitalism, 39

Categorization

• SEED: A strong angle for a polemical essay: interest-rate hikes as deliberate political discipline on labor, not neutral technocratic tool.
• XREF: Echoes Marxist theories of the reserve army of labor and Kalecki’s political business cycle. — connects to: Monetary austerity deliberately induced recession to discipline workers. — Clara E. Mattei, Escape from Capitalism: An Intervention, 154; Central bankers raise interest rates knowing recession results, to enforce labor discipline — Clara E. Mattei, Escape from Capitalism: An Intervention, 39; Monetary austerity deliberately manufactures unemployment to compress wages. — Clara E. Mattei, Escape from Capitalism: An Intervention, 284 (+10 more)

Broader Connections

• Monetary austerity deliberately induced recession to discipline workers. #corroborates (0.95) — Clara E. Mattei, Escape from Capitalism, 154
• Central bankers raise interest rates knowing recession results, to enforce labor discipline #corroborates (0.92) — Clara E. Mattei, Escape from Capitalism, 39
• Monetary austerity deliberately manufactures unemployment to compress wages. #corroborates (0.90) — Clara E. Mattei, Escape from Capitalism, 284
• Unemployment functioned as a deliberate political weapon to weaken labor #corroborates (0.90) — Clara E. Mattei, The Capital Order, 994
• Austerity enforces the wage-labor relation that capitalism requires for growth #corroborates (0.90) — Clara E. Mattei, The Capital Order, 29
• Austerity’s core purpose is to deepen workers’ dependence on wage labor #corroborates (0.88) — Clara E. Mattei, Escape from Capitalism, 145
• Monetary austerity deliberately aimed to rein in workers’ purchasing power #corroborates (0.85) — Clara E. Mattei, The Capital Order, 757
• Fear of unemployment disciplines workers into subordination to capital. #expands (0.85) — Clara E. Mattei, Escape from Capitalism, 250
• Austerity regimes aim to break organized labor #expands (0.82) — Gary Mongiovi, Austerity Is an Antidemocratic Strategy…, 83
• Austerity masquerades as apolitical science while bending workers to capital’s will #expands (0.82)
• Stabilizing currency deliberately imposed the costs on workers. #exemplifies (0.75) — Clara E. Mattei, The Capital Order, 983
• Austerity is a counteroffensive that shifts resources from workers to investors. #qualifies (0.75) — Clara E. Mattei, The Capital Order, 1467