Theme: Political Economy | Content Type: Journal article

Politics and the Business Cycle

Brian Snowden


Catia Dombaxe

| 0 mins read

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 94, Issue 3

Latest Journal Issue

Volume 94, Issue 3

Includes a commentary by Colin Crouch on the dark heart of today's Conservative party, an article by Stewart Lansley tracing the history of ‘crowding out’, and its use as a justification for austerity and state deflation; and Tim Vlandas and Kate Alexander-Shaw debating the political economy of age. In our reports and surveys section, Deborah Mabbett asks where next for curbing London's emissions? The issue also includes a selection of book reviews such as Andrew Gamble on The Culture of Accountability: A Democratic Virtue by Gianfranco Pasquino and Riccardo Pelizzo, and Leila Simona Talani on Europe's Coming of Age by Loukas Tsoukalis.

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