Monetary deflation was the decisive instrument that defeated British labor.

Evidence

Th is momentous turn of events, from labor empowered to labor defeated, cannot be fully explained without an investigation into the workings of monetary defl ation— the queen of all austerity policies in Britain— without which the subjugation of the British workers could not have been achieved. — Clara E. Mattei, The Capital Order, 980

Categorization

• XREF: connects to: Monetary austerity, by raising sterling, crushed British exports and unions — Clara E. Mattei, The Capital Order: How Economists…, 414; Pound revaluation in the 1920s forced down wages through mass unemployment — Clara E. Mattei, The Capital Order: How Economists…, 1683; Austerity-driven unemployment stripped organized labor of its political power in Britain. — Clara E. Mattei, The Capital Order: How Economists…, 1503 (+6 more)

Broader Connections

• Pound revaluation in the 1920s forced down wages through mass unemployment #corroborates (0.95) — Clara E. Mattei, The Capital Order, 1683
• Austerity-driven unemployment stripped organized labor of its political power in Britain. #complicates (0.90) — Clara E. Mattei, The Capital Order, 1503
• Unemployment functioned as a deliberate political weapon to weaken labor #expands (0.90) — Clara E. Mattei, The Capital Order, 994
• Monetary austerity deliberately aimed to rein in workers’ purchasing power #corroborates (0.90) — Clara E. Mattei, The Capital Order, 757
• Stabilizing currency deliberately imposed the costs on workers. #corroborates (0.90) — Clara E. Mattei, The Capital Order, 983
• High Bank rates triggered a deflationary spiral in 1920s Britain #corroborates (0.85) — Clara E. Mattei, The Capital Order, 1697
• Deflation increased the wealth of British financial asset holders #expands (0.80) — Clara E. Mattei, The Capital Order, 1697
• British austerity culminated in forced departure from the gold standard in 1931 #complicates (0.80) — Mark Blyth, Austerity, 517