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Captain Swing

Captain Swing was the used to sign anonymous threatening letters dispatched to farmers and landowners during a wave of rural disturbances in from late 1830 to early 1831, known as the . These letters, originating in in 1830, demanded the cessation of machines, higher wages, or faced and machine-breaking. The name "" evoked the traditional swinging used in manual , symbolizing resistance to that displaced agricultural laborers. The riots arose from acute economic distress in rural areas, exacerbated by poor harvests in and , widespread adoption of s reducing demand for labor, stagnant wages, and strained poor relief systems. Protests encompassed over 2,800 incidents across more than 10,000 es, primarily in cereal-growing regions of the southeast, , and , including 538 cases of destruction, 1,306 arsons, and 270 letters attributed to Captain Swing. Participants, mainly laborers but also some craftsmen, sought immediate redress through rather than organized political agitation, marking the final major expression of pre-industrial rural protest before the rise of . The unrest prompted a severe governmental , with around 2,000 arrests following the administration's shift to repression in November 1830; special commissions imposed harsh sentences, including executions and transportation to for hundreds of convicted rioters. While the riots failed to reverse technological or economic trends, they highlighted deep grievances in the agricultural workforce and influenced subsequent reforms in poor law administration. Contemporary perceptions framed Captain Swing as a conspiratorial phantom, amplifying fears of widespread insurrection in press accounts.

Historical and Economic Context

Pre-1830 Rural Conditions

The conclusion of the in 1815 brought the demobilization of hundreds of thousands of soldiers, flooding rural labor markets with surplus workers and intensifying competition for agricultural employment. This oversupply contributed to downward pressure on wages, with nominal daily earnings for male farm laborers dropping from an average of 22.5 pence in 1815–1819 to 19.6 pence in 1820–1824, particularly acute in where underemployment was rampant. In regions like the South East and South West, showed little long-term improvement compared to pre-war levels, compounding distress amid stagnant productivity gains for laborers. Ongoing enclosures under parliamentary acts, which privatized common lands and consolidated holdings between 1760 and 1830, further eroded the economic viability of smallholders and cottagers by eliminating access to shared grazing and arable plots essential for supplementing incomes. Approximately 4,000 such acts passed during this period, enclosing over 3 million acres and disproportionately benefiting larger landowners while reducing the number of small proprietors; in , for example, small landowners declined by 21 percent post-enclosure. This shift intensified land inequality and displaced rural households reliant on and , driving many into dependency without commensurate opportunities. The of 1815 exacerbated instability by barring wheat imports until domestic prices surpassed 80 shillings per quarter, shielding aristocratic landlords from foreign competition but fueling price volatility that undermined smallholder incomes. Grain prices, which peaked amid wartime shortages, plummeted post-1815 due to bumper harvests and resumed —wheat averaged over 100 shillings in 1816–1817 before falling to around 50 shillings by the mid-1820s—squeezing margins for tenant farmers and yeomen unable to scale operations efficiently. These fluctuations, combined with enclosure-driven consolidation, rendered independent small-scale farming increasingly untenable, as fixed costs and market exposure favored capitalized estates. Strains on the of , originating in 1795 and widely adopted in southern , amplified these pressures by tying allowances to bread prices and family size to guarantee subsistence, effectively subsidizing employers who paid below-market wages in anticipation of rate-funded top-ups. Parish poor rates ballooned from about £2 million annually in the to over £7 million by 1818, representing up to 0.4 percent of national income and imposing local burdens equivalent to 10–20 percent of rental values in affected counties, fostering dependency and discouraging labor mobility. Critics, including farmers facing escalating levies, argued the system depressed wage discipline and perpetuated low productivity, as relief disincentivized higher earnings or relocation to industrial areas. By the late , these fiscal pressures on mirrored broader rural malaise, with relief expenditures correlating to harvest failures and wage stagnation rather than alleviating .

Introduction of Labor-Saving Machinery

Threshing machines, which mechanized the separation of grain from chaff and straw using rotating drums and beaters, began to see broader adoption in during the late , following earlier inventions such as Andrew Meikle's water-powered prototype around 1786. This technology addressed the labor-intensive manual process of flailing, which required significant manpower during the winter months when alternative farm work was scarce. Farmers increasingly invested in these machines amid rising grain prices after the 1815 and escalating costs for manual labor, enabling them to process harvests more rapidly and reduce dependency on seasonal workers. The efficiency gains were substantial: a single could perform the work of multiple laborers, often completing in days what took weeks by hand, while minimizing loss and improving quality through cleaner separation. Historical analyses indicate that accounted for up to 50 percent of rural laborers' winter earnings prior to , with machines displacing this demand precisely when employment opportunities were lowest. Empirical from digitized agricultural reports reveal that machine diffusion by the early 1830s concentrated in southern and eastern , correlating directly with elevated rates documented in Poor returns, as parishes with higher adoption experienced systematically greater labor surpluses. From a causal perspective, this exemplified productivity-enhancing driven by principles of separation, yielding long-term gains in agricultural output per unit of input despite immediate reductions. Studies confirm that areas with early adoption saw sustained improvements in processing capacity, underpinning broader trends in yield growth during England's agricultural transformation, even as short-term labor displacement intensified economic pressures on underemployed workers.

Origins and Symbolism

Emergence of the Captain Swing Persona

The persona of "Captain Swing" first emerged in anonymous threatening letters circulated among farmers and landowners in East during late August and September 1830, shortly following initial acts of machine-breaking in the region. These letters, signed by the invented figure, invoked Swing as an authoritative commander issuing ultimatums, with the earliest public mention in on 21 October 1830. The name drew directly from tactics employed by the Luddites two decades earlier, who had used the fictional "General Ludd" to mask individual identities, instill fear, and bolster collective resolve among participants in machine-wrecking protests. Historians analyzing the unrest characterize Captain Swing not as a historical individual or centralized organizer but as a composite mythical enforcer embodying the diffuse grievances of rural laborers against technological displacement and wage stagnation. This symbolic invention allowed disparate groups of agricultural workers—lacking formal leadership or coordination—to project an illusion of unified command, thereby amplifying the psychological impact of their demands without exposing any single perpetrator to immediate reprisal. The persona's invocation in letters facilitated the rapid contagion of unrest beyond , transforming isolated local outbursts into a perceived coordinated through rumors of Swing's impending "army" or patrols, which encouraged emulation in neighboring counties by late 1830. This rumor-driven unification masked the absence of actual hierarchical , as evidenced by the varied, opportunistic nature of subsequent actions, yet it sustained momentum until crackdowns disrupted the pattern.

Threatening Letters and Their Demands

Threatening letters purportedly authored by "Captain Swing" functioned as coercive precursors to during the 1830 unrest, targeting farmers and landowners with ultimatums that blended extortionate demands with explicit threats of violence or . These communications commonly required the cessation of use, which displaced manual labor, alongside wage hikes to a minimum of 2 shillings per day for agricultural workers—equivalent to roughly 12 shillings weekly assuming six-day labor—and occasional levies for monetary contributions, , or to support the aggrieved laborers. Failure to comply invited reprisals, with frequently invoked as a low-risk retaliatory tactic accessible to the propertyless poor, amplifying the letters' psychological leverage. A representative instance occurred in , where a to Mr. Biddle demanded the immediate self-destruction of his threshing machines, warning: "if your threshing machines are not destroyed by you directly we shall come and do it for you," signed simply as Captain Swing. Such formulaic phrasing, marked by phonetic spelling and terse imperatives, recurred across missives, suggesting templated propagation among rural networks to standardize and evade . Beyond isolated , these letters facilitated the unrest's by publicizing grievances and signaling organized , thereby lowering coordination costs for in adjacent parishes. Empirical of patterns reveals substantial effects: a single disturbance in a nearby locale more than doubled the baseline probability of subsequent unrest within a week, with letters serving as vectors for informational spread via personal ties and . This mechanism underscores the letters' strategic role not merely in but in catalyzing a wave of copycat protests across from late 1830 onward.

Course of the Riots

Initial Outbreaks and Regional Spread

The Swing Riots ignited in East during late summer 1830, triggered by acute economic distress including wage reductions of up to 20-30% amid the adoption of labor-saving , which displaced seasonal laborers during the critical post-harvest period. The inaugural act of machine-breaking occurred on the night of 28 August 1830 at a in Lower Hardres, near , where local workers destroyed a owned by farmer John Jude, marking the first documented instance of such targeted in the unrest. This event, fueled by grievances over and falling exacerbated by the poor harvest of and ongoing agricultural depression, rapidly escalated as news of the destruction circulated through rural networks, prompting similar incidents in nearby parishes within days. From Kent's Elham Valley epicenter, the disturbances propagated contagiously southward and westward by early September, affecting adjacent areas in and through emulation of the initial protests and the dissemination of anonymous threatening letters demanding wage increases and machine abandonment. By mid-October , over 100 machines had been targeted across expanding locales, with the riots diffusing along pathways of structural vulnerability such as high concentrations of landless laborers, fragmented smallholdings, and regions with prior exposure to radical agitation from events like the 1816 agricultural unrest. The spread intensified in November, reaching and as copycat groups formed in poverty-stricken rural hotspots, where successive harvest failures since 1828 had amplified susceptibility to , per analyses of riot diffusion patterns. Geographic propagation favored southeastern England's arable farming districts, where mechanization adoption rates were highest and labor surpluses most acute, bypassing more western counties initially; by late November, the unrest had engulfed over 100 parishes across , , and , with isolated flares extending eastward into and . Factors such as itinerant laborers carrying tactics between farms and the role of informal networks in hotspots like the amplified transmission, while areas with stronger manorial oversight or diversified employment showed greater resistance to ignition. The riots peaked through the winter of 1830-1831, subsiding by early 1831 as seasonal labor demands eased, though the initial wave had already mobilized thousands in coordinated outbursts across vulnerable agrarian zones. ![Swingletter.jpg][center]

Methods of Protest and Destruction

The primary method of protest involved the and destruction of , with 538 recorded incidents of machine breaking targeting these devices between September and November 1830. Rioters dismantled or smashed the machinery, often in groups under cover of night to minimize detection, focusing on farms where adoption was recent and linked to labor displacement. This tactic concentrated in regions with higher mechanization rates, such as parts of and , where introduced in the late 1820s exacerbated among agricultural laborers. Arson emerged as a parallel strategy, with 1,306 cases reported, predominantly involving the burning of hay ricks, barns, and farm buildings to intimidate property owners and disrupt operations. These fires, frequently executed anonymously at night, inflicted substantial economic damage without direct confrontation, underscoring a reliance on terror over . Livestock maiming, documented in 74 instances, further extended property destruction by injuring animals essential to farm productivity, amplifying the coercive pressure on farmers. Rioters also conducted forced levies and assaults, extracting money or pledges through robbery (254 cases) and wage riots (289 cases), compelling farmers to pay laborers or abandon machinery under threat of violence. These actions, opportunistic and localized, prioritized immediate extortion over sustained organization, reflecting criminal elements amid grievances rather than coordinated reform. Despite initial disruptions, the riots did not impede the long-term diffusion of threshing technology, as adoption resumed and expanded post-1830 in affected areas.

Government Suppression

The British government, under Viscount Melbourne's , responded to the escalating with swift military deployments to safeguard property and agricultural machinery, prioritizing deterrence and order restoration over addressing underlying grievances. By late October 1830, as disturbances spread from into and , magistrates requested and received units, including dragoons and lancers, to patrol rural areas and guard farms against further destruction. , often composed of local landowners and tenants, were mobilized alongside these forces; for instance, on 25 November 1830, the 's Hindon troop, numbering around 48 men armed with muskets, clashed with rioters at Pyt House in Tisbury, resulting in one death and 25 arrests. These measures extended to multiple counties, with troops from units like the 7th in and the 9th Lancers in Andover arriving by mid-November to disperse assemblies and prevent machine-breaking. Legal responses complemented military action by classifying riotous acts—particularly machine-breaking and —as felonies, which facilitated warrantless arrests and bypassed standard magisterial delays to enable immediate suppression. On 23 November , issued a offering rewards up to £500 for information leading to the capture of arsonists or machine-wreckers, framing such offenses as crimes to underscore the state's commitment to rights. directives, conveyed through circular letters to local authorities, explicitly urged "energetic action" and adoption of mobile constabulary units modeled on the " Plan," while rebuking any attempts at negotiation, such as wage adjustments or machine disuse, as concessions that would encourage further unrest. This approach, evident in correspondence from 25 November and 8 December , emphasized rapid arrests and military presence to signal unyielding deterrence, with the administration under initially reluctant but ultimately authorizing troop stations near hotspots before its fall on 23 November.

Trials, Punishments, and Executions

The government established Special Commissions to expedite trials of suspected rioters, convening first at in December 1830 to address disturbances in and . These commissions, empowered to bypass regular for , processed cases based on evidence such as threatening letters signed by "Captain Swing," witness identifications of machine-breakers, and confessions extracted under duress or plea bargains. Over 1,900 individuals faced across affected counties by early 1831, with convictions relying heavily on circumstantial links to , machine destruction, and assembly under the . Sentences emphasized deterrence through exemplary severity: 19 men were executed by , primarily for leading riots or , including cases in where public executions underscored the penalty for organized resistance to property rights. An additional 505 received to , typically for seven or fourteen years, targeting active participants identified via networks and laborer testimonies; for instance, convicts from and filled ships like the Caledonia departing in 1831. affected 644 others, often with in county gaols, while around 252 initial death sentences were commuted to lesser terms to balance terror with mercy, reflecting judicial discretion amid for order. These proceedings, concluding by January 1831, effectively quelled the unrest, as no major Swing-linked riots recurred after the verdicts, demonstrating the efficacy of legal in restoring agricultural stability over extralegal . The commissions' reliance on juries and prosecutorial zeal from landowners minimized acquittals, prioritizing the protection of and against subsistence-driven .

Consequences and Reforms

Immediate Economic and Social Effects

The riots caused significant short-term economic disruption through targeted destruction, with approximately 387 machines demolished across 22 counties between 28 August 1830 and 3 September 1832, inflicting around £13,000 in machine-breaking damages alone; added over £100,000 in further property losses, including farm buildings and mills. In response, farmers in regions like , , , and granted immediate wage hikes—such as raising weekly earnings from 9s. to 10s.–12s. for married laborers—to deter additional attacks, alongside temporary abandonment or dismantling of machinery, as recommended by magistrates in and evidenced by voluntary machine destruction in and by late November 1830. These concessions and disruptions temporarily curbed mechanization adoption in hotspots, with farmers in parishes like Wingfield imposing £5 penalties for machine use and others, such as the Earl of in , proactively scrapping equipment to restore order. However, the overall contagion of unrest—spreading from Kent's Elham Valley in late August 1830 to eastern and midland counties by December—did not reverse underlying agricultural trends, as suppressed riots allowed farmers to recoup losses without systemic concessions beyond localized, fleeting adjustments. Socially, the disturbances fractured parish-farmer-laborer bonds, fostering mutual suspicion in areas like Burghclere, , where prior informal alliances against tithes dissolved amid escalating violence. Harsh reprisals amplified fallout: 19 executions, transportation of 505 convicts (often married men, leaving one-third of their families dependent on parish aid), and of 644 others triggered displacements, orphaning children and swelling as kin sought relief or migrated amid destitution.

Policy Changes and Long-Term Agricultural Impacts

The Captain Swing riots of 1830–1831 exposed the fiscal unsustainability of the Old Poor Law, particularly the of that subsidized agricultural wages tied to bread prices, distorting labor markets and encouraging population growth amid stagnant productivity. In response, the government appointed the Commission on the Poor Laws in 1832, chaired by , which investigated relief practices and recommended reforms to prioritize work over dependency. The Commission's 1834 report criticized the system for disincentivizing employment and inflating poor rates, attributing rural distress partly to these policies rather than alone. The Poor Law Amendment Act of 1834 implemented these findings by curtailing for the able-bodied, enforcing the "less eligibility" principle—relief conditions must be inferior to the lowest-paid work—and centralizing administration through unions and workhouses. These changes aimed to restore market discipline, compelling farmers to raise wages or face labor shortages, while redirecting surplus rural labor toward urban industries; by the , poor rates declined in reformed areas, and agricultural wages began stabilizing without subsidies. Critics, including some rural witnesses, argued the reforms exacerbated short-term hardship, but shows they mitigated long-term inefficiencies by aligning relief with genuine need rather than wage supplementation. Following the riots' suppression, adoption resumed rapidly, with hotspots of destruction seeing temporary halts but subsequent reinvestment as farmers anticipated sustained legal protection. By the 1840s, mechanical threshers proliferated in , powered increasingly by , reducing grain processing costs by up to 80% and labor requirements per from days to hours, thereby elevating yields and farm profitability. This resurgence accelerated the shift from labor-intensive to capital-intensive , displacing underemployed workers but enabling reallocation to expanding and sectors, where absorbed rural migrants; national agricultural output grew 1.5% annually through the mid-century despite population pressures. The riots' violence proved counterproductive, delaying by mere months in affected parishes while failing to alter underlying economic incentives—falling prices and rising labor costs post-Napoleonic Wars favored labor-saving innovations regardless. Market-driven prevailed, as suppressed unrest allowed technological to enhance without policy , underscoring that coercive to efficiency gains yields no lasting but invites transitional resolvable through labor . By , data reflected a 20% drop in agricultural workforce share, correlating with industrial output surges and overall GDP growth, affirming the riots' negligible long-term barrier to agrarian modernization.

Interpretations and Debates

Causal Factors: Mechanization versus Broader Grievances

Empirical analyses of the Captain Swing riots indicate that the diffusion of labor-saving served as a primary trigger for unrest, rather than generalized economic hardship alone. utilizing parish-level on demonstrates a strong positive between threshing machine prevalence and riot incidence during 1830-1831, with areas exhibiting higher densities of these devices experiencing significantly more protests, even after controlling for factors such as wage levels and rates. This relationship held particularly in regions with rigid labor markets lacking alternative employment opportunities, where directly threatened seasonal jobs without compensatory reallocation of workers. Scholars have contrasted this technology-specific displacement with broader grievances, including chronic low wages, population pressures from post-Napoleonic War , and successive harvest failures in 1829 and 1830 that exacerbated among rural laborers. However, statistical models reveal that general metrics, while contributing to vulnerability, did not predict hotspots as effectively as machine density; riots concentrated in southeastern counties like and , where adoption surged in the late 1820s to cut labor costs amid falling grain prices. Contagion dynamics further amplified initial mechanization-driven outbreaks, as threats signed by "Captain Swing" spread via letters and word-of-mouth, prompting actions in adjacent parishes, yet local economic stressors like poor harvests intensified participation only where baseline grievances intersected with job losses from machinery. Interpretations framing the riots primarily as responses to systemic by landowners overlook this causal specificity, as evidenced by the post-riot slowdown in adoption and patenting in affected areas, suggesting targeted to efficiency-enhancing innovations rather than undifferentiated class antagonism. Such views, often advanced in earlier Marxist-influenced , underweight econometric findings prioritizing technological disruption as the precipitating factor.

Assessments of Legitimacy: Resistance to Change or Criminal Violence

Historians have debated the legitimacy of the Captain Swing riots, weighing the rioters' economic grievances against the criminal nature of their tactics. While participants faced acute hardships—including stagnation at around 7-9 shillings per week for laborers and the of up to half of winter earnings by machines—their responses involved deliberate violations of property rights through machine-breaking and . Over 400 machines were destroyed in and alone between late 1830 and early 1831, with attacks on hayricks, barns, and farmhouses numbering in the hundreds, serving to terrorize farmers into compliance via anonymous threats signed by "Captain Swing." These acts, prosecutable as felonies under existing laws against malicious damage and incendiarism, extended beyond symbolic to economic , undermining the legal framework that protected capital investment essential for agricultural improvement. Interpretations framing the riots as a form of legitimate , such as and George Rudé's portrayal in Captain Swing (1969) of participants as "primitive rebels" engaging in social movements against capitalist encroachment, have faced for overstating coherence and revolutionary potential. Hobsbawm viewed these actions as pre-modern precursors to organized labor struggle, yet evidence indicates a lack of national coordination, with outbreaks driven by local opportunism rather than a unified ; riots spread sporadically across 15 southern counties but dissipated without sustained political demands or institutions. Revisionist analyses emphasize the of criminal elements, including poachers and vagrants, who exploited unrest for personal gain, rendering the movement more akin to episodic than principled . Empirical patterns of —targeting not only machines but also unrelated property—further suggest randomness over strategic , with no discernible beyond fabricated letters. From a causal grounded in economic realities, the riots represented short-sighted obstruction to 's net societal benefits, despite immediate labor displacement. machines, introduced widely post-1786, increased processing by severing grains from husks up to ten times faster than manual flailing, reducing and enabling farmers to lower production costs amid volatile harvests like those of 1829-1830. While short-term intensified , broader gains from such innovations contributed to falling over the ensuing decades, supporting and industrial labor absorption without averting the riots' failure to secure enduring wage or relief reforms. The destruction yielded no sustainable concessions, as suppressed unrest reinforced property protections, allowing to resume and ultimately enhancing output per —evidenced by yields rising from 20-25 bushels per in the 1830s to over 30 by mid-century—while highlighting the futility of violent Luddism against technological imperatives.

Cultural and Historical Legacy

Representations in Literature and Scholarship

Eric Hobsbawm and George Rudé's Captain Swing (1969) established the dominant interpretive framework for the disturbances, framing them as a manifestation of rural proletarianization and nascent class antagonism against agricultural innovation. Drawing on quantitative analysis of trial data and qualitative sources like threatening letters, the authors portrayed participants as rational actors resisting capitalist enclosure, influencing subsequent leftist historiography to emphasize revolutionary potential over localized grievances. However, critiques highlight statistical manipulations in wage and participation estimates, omission of female involvement, and an ideological bias stemming from Hobsbawm's Marxist commitments, which academic institutions have historically amplified despite empirical discrepancies with primary records. Carl J. Griffin's The Rural War: Captain Swing and the Politics of Protest (2012) offers an empirical corrective, utilizing untapped parish vestry minutes, relief applications, and over 500 Swing letters to argue that unrest arose primarily from breakdowns in customary and systems, with as a secondary trigger in specific locales. Griffin's analysis, grounded in granular spatial mapping of 1,200 incidents across 1,000 parishes, reveals patterns of targeted violence—including 115 arsons and machine destructions affecting machinery valued at thousands of pounds—challenging romanticized views that privilege of a benign "" over judicial of coordinated . This approach prioritizes causal mechanisms like demographic pressures from post-Napoleonic enclosures, which displaced 20-30% of southern laborers, verifiable via correlations rather than teleological class narratives. Fictional representations often amplify the mythical persona of Captain Swing as a , as in Warren Ellis's Captain Swing and the Electrical Pirates of Cindery Island (2011), which reimagines the figure amid 1830 intrigue and proto-technological conflict. Beatrice Parvin's Captain Swing and the Blacksmith (2016) evokes post-riot rural desperation through blacksmith protagonists confronting poverty in 1840s southwest , blending historical echoes with invented drama. Such works, while engaging, tend to gloss verifiable punitive outcomes—481 convictions, 19 executions, and 481 transportations from assize records—in favor of narratives sympathetic to disruption, echoing biases in earlier that undervalue property and orderly .

Modern Analogies to Technological Disruption

The Captain Swing riots, driven by fears of threshing machines displacing rural laborers, parallel modern apprehensions about and eroding employment in industries like , , and services. In the , agricultural workers protested that reduced demand for manual labor, much as contemporary debates highlight potential job losses for truck drivers from autonomous vehicles or coders from AI tools, with surveys indicating widespread worker anxiety over . Historical analysis of the Swing disturbances reveals that such unrest imposed measurable short-term costs on : in parishes experiencing riots between 1830 and 1832, adoption of labor-saving agricultural technologies slowed, and local patenting rates for related inventions remained depressed for decades compared to unaffected regions. This delay stemmed from heightened risks to machinery owners and suppressed investment amid repression and social instability, though national-level progressed unevenly thereafter. Long-term empirical evidence from technological transitions, including post-industrial mechanization in , demonstrates that while disruptions generate transitional —often correlating with localized unrest—adoption ultimately drives productivity gains and net economic expansion, as displaced workers reallocate to expanding sectors like services and downstream industries. Systematic reviews of automation's labor effects over recent decades confirm short-term in routine tasks but overall job growth through complementarity with human skills and creation of non-automatable roles, underscoring that resistance amplifies immediate hardships without preventing productivity-driven prosperity. Causal assessments favor adaptation strategies, such as targeted retraining, over destructive or regulatory barriers to progress, as evidenced by successful historical shifts where supported worker transitions rather than halting ; modern union campaigns against , echoing Swing-era tactics, risk similar inefficiencies by prioritizing preservation of obsolete roles over reallocative reforms. This underscores a key lesson: technological disruption entails unavoidable short-term pain, but obstructing it forfeits long-term gains in output and living standards, with unrest serving primarily as a costly signal of rather than a viable alternative to adjustment.

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