Theme: Political Economy | Content Type: Journal article

Politics and the Business Cycle

Brian Snowden

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Catia Dombaxe

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In a well-known article published in the Political Quarterly over fifty years ago the Polish economist Michal Kalecki put forward his highly controversial analysis of `Political Aspects of Full Employment'. In this paper Kalecki developed what might be referred to as a `Marxo-Keynesian' argument relating to the form of aggregate economic instability likely to be experienced in advanced capitalist democracies. Kalecki's conjecture was that unless capitalism could `develop new social and political institutions which will reflect the increased power of the working class', continuous full employment would not be an achievable objective of economic policy.

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Volume 96, Issue 3

Latest Journal Issue

Volume 96, Issue 3

This issue features a collection titled 'The Intellectual and Political Legacy of David Marquand', who died in April 2024, edited by Colin Crouch, Ben Jackson and Peter Sloman. In this collection, authors including Jean Seaton, Will Hutton and Hilary Wainwright consider Marquand's legacy as a great progressive thinker, his biography of Ramsay MacDonald, Labour's first prime minister, and the role of socialism for Marquand. Other articles include a commentary by Deborah Mabbett titled 'Welfare reform by numbers'; Jeremy Gilbert and Alex Williams on 'The Vices of Values: Matthew Goodwin and the Politics of Motivation'; Helen McCarthy on 'Why the WASPI has no Sting: Gender, Generation and Pension Inequalities'; and Sam Taylor Hill, Tariq Modood and John Denham on 'Multicultural Nationalism: Saving the White Working Class from Blue Labour?' A selection of book reviews feature Edmund Fawcett's review of 'Nationalism: A World History' by Eric Storm and Samuel Cohn's review of 'Controlling Contagion: Epidemics and Institutions from the Black Death to Covid' by Sheilagh Ogilvie.

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