Politics and the Business Cycle

17 December, 2002

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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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