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, loc. 419