Miners’ alliance with the state sealed their defeat through austerity

Evidence

To conclude, the miners’ movement for workers’ control opted for an alliance with the state, but found in the state its ultimate defeat. As we shall explore, the Treasury and the Bank of England were capable of prompt reaction: they unleashed monetary austerity at the height of these events. At that point institutional change became impossible, caught as it was in the clasp of broader change in the name of austerity: the new priorities were cutting labor costs and cutting government expenses at whatever price. — Clara E. Mattei, The Capital Order, 419

Categorization

• XREF: connects to: A miners’ leader framed wartime labor militancy as a secession from commodity-producing capitalism — Clara E. Mattei, The Capital Order: How Economists…, 378; The Treasury and Bank of England used monetary austerity to block the miners’ movement; Treasury concerns about fiscal balances defeated mine nationalization in 1919 — Clara E. Mattei, The Capital Order: How Economists…, 411 (+3 more)

Broader Connections

• The Treasury and Bank of England used monetary austerity to block the miners’ movement #corroborates (0.95)
• Monetary austerity crushed British trade and union power through unemployment #expands (0.85) — Clara E. Mattei, The Capital Order, 414
• Capitalist realism became entrenched through the 1984 miners’ strike defeat #expands (0.80) — Mark Fisher (edited by Darren Ambrose), K-Punk, 1362
• Austerity is state intervention transferring resources from the many to the few #expands (0.78) — Clara E. Mattei, Escape from Capitalism, 195
• Treasury concerns about fiscal balances defeated mine nationalization in 1919 #exemplifies (0.72) — Clara E. Mattei, The Capital Order, 411