To extend the motor/fuel metaphor, in the case of Spain, much of the "fuel" was useless and simply evaporated. On the other hand, the fuel was more useful to England, which had a proletarianized work-force (and a certain elasticity to supply) so that the increased demand could realize some extra surplus-value rather than simply causing inflation.
(Of course, the first individuals who received the gold and similar loot got a good deal for themselves.) Jim Devine, e-mail: [EMAIL PROTECTED] ; web: http://myweb.lmu.edu/jdevine/ > Michael is right: there was a logic to bullionism. A country that had a trade surplus could use its excess bullion on the military, to conquer others. Much of this -- e.g., in the case of Spain -- did go to waste, rather than stimulating accumulation. But in England, it "greased the wheels of commerce" to a greater extent.<
