“Britain can be conceived of as the first fossil-fuel-led market civilization with a rising money supply (Central-bank-issued money representing global expectations of and co-optation into its network of private financiers’ future power accumulation,) backed by the surplus energy capacity provided by its (social reproduction-disruptive, inegalitarian social relations, consequent forest depletion and) reliance on coal.
Expanding the money supply–as in France, Spain and Portugal–without adding manufacturing capacity largely resulted in rising prices for a limited amount of goods” (Di Muzio, T. & M. Dow. 2017).
Britain’s 1694 Central Bank moment was replicated in the 1971 Nixon move removing gold backing from the US dollar. Both constituted empire brinkmanship that successfully secured the subordinate cooperation of global wealth owners who in turn controlled non-owners.
Nitzan & Bichler (theorists behind Di Muzio & Dow) are motivated by their aversion to the labour theory of value, and their analytical preference for elite perspective. So I think their critique of Marxists is as usual worthless, because a central point of Marxism is to understand capitalism from the perspective of its mass of expropriated, exploited/discounted, abjected, but still somehow necessary peoples.
With elite-centric theory, the mystery remains unaddressed: The masses are still economically necessary and vital. Elite theorists don’t understand why. Why do elite theorists believe in plutonomy while also believing in the necessity of population growth?
But I think Di Muzio & Dow can be shorn of their anti-labour theory of value tic, to better effect.
They remain academic anarchists, though, and that means that another main objective for them is demonstrating that the state = capitalism, and recommending that all political strategy fall out from there. To do that, they methodically eschew comparative method and most of political sociology findings, and instead reify a British case study. Britain, as Meiksins Wood showed, is capitalism’s premier state, and in an expanding, coercive *accumulation* system (as Di Muzio & Dow show it to be), the premier position is an exceptional position. What Di Muzio & Dow have shown is that Britain’s state = capitalism. That implies a whole ‘nother ball of strategy.
It would be intellectually and strategically irresponsible to ignore all the Marxist-inspired comparative work on state variability and development/stunting in relationship to Anglo-centric global capitalism, to produce a one-size-fits-all story that certainly misrepresents state-society relations in other parts of the world, and may well distort even empirical, actual, and real state-society relationships in Anglo resource-extraction management zones like Canada.
See also: Desan’s “Making Money” is a fantastic book. History of British currency from Anglo Saxon times until ~1700.