Table Of ContentEconomic Crisis and Political Economy
Palgrave Studies in the History of Economic Thought Series
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Jan Toporowski (author)
MICHAŁ KALECKI AN INTELLECTUAL BIOGRAPHY
Volume 1 Rondezvous in Cambridge 1899–1939
Timothy Shenk (author)
MAURICE DOBB: Political Economist
Riccardo Bellofiore, Ewa Karwowski and Jan Toporowski (edited by)
THE LEGACY OF ROSA LUXEMBURG, OSKAR LANGE AND MICHAŁ KALECKI
Volume 1 of Essays in Honour of Tadeusz Kowalik
Riccardo Bellofiore, Ewa Karwowski and Jan Toporowski (edited by)
ECONOMIC CRISIS AND POLITICAL ECONOMY
Volume 2 of Essays in Honour of Tadeusz Kowalik
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Economic Crisis and
Political Economy
Volume 2 of Essays in Honour
of Tadeusz Kowalik
Edited by
Riccardo Bellofiore
University of Bergamo, Italy
Ewa Karwowski
School of Oriental and African Studies, University of London, UK
and
Jan Toporowski
School of Oriental and African Studies, University of London, UK
Editorial, introduction and selection matter © Riccardo Bellofiore,
Ewa Karwowski and Jan Toporowski 2014
Individual chapters © Contributors 2014
Softcover reprint of the hardcover 1st edition 2014 978-1-137-33574-6
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First published 2014 by
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Contents
List of Illustrations vii
Acknowledgements v iii
Notes on Contributors ix
Introduction: Tadeusz Kowalik and the Political
Economy of the 20th Century 1
Riccardo Bellofiore, Ewa Karwowski and Jan Toporowski
1 The Economic System as an End or as a Means, and
the Future of Socialism: An Evolutionary Viewpoint 1 0
Alberto Chilosi
2 Whatever Happened to the ‘Crucial Reform’? 2 9
John E. King
3 ‘Crucial Reform’ in Post-War Socialism and Capitalism:
Kowalik’s Analysis and the Polish Transition 4 2
Gary A. Dymski
4 Michał Kalecki’s Capitalist Dynamics from
Today’s Perspective 62
D. Mario Nuti
5 ‘Political Aspects of Persisting Unemployment’:
Kalecki and Beyond 74
Alessandro Vercelli
6 The Dynamics of Competition 88
Ewa Karwowski
7 Net Private Savings in Relation to the Government’s
Financial Balance 106
Kazimierz Łaski and Leon Podkaminer
8 Confidence, Increasing Risks, Income Distribution and
Crisis in a Post-Kaleckian Stock-Flow Consistent Model 113
Edwin Le Heron
v
vi Contents
9 K alecki’s Macroeconomic Analysis and
the ‘Great Recession’ 1 39
Malcolm Sawyer
10 ‘ The Accumulation of Capital’ of Rosa Luxemburg, and
Systemic and Structural Reasons for the Present Crisis 1 53
Janusz J. Tomidajewicz
11 C apitalism, Crisis, Growth and Ecology 1 68
Pat Devine
12 T rend and Cycle: On the Timeliness of Grossman’s
Breakdown Theory 1 80
Paul Mattick
13 M acroeconomic Paradoxes with Kalecki and Kaleckians 198
Marc Lavoie
14 R evisiting the Socialist Calculation Debate: The Role of
Markets and Finance in Hayek’s Response to
Lange’s Challenge 2 12
Paul Auerbach and Dimitris P. Sotiropoulos
References 2 31
Bibliography of Published Works by Tadeusz Kowalik 245
Index 2 65
List of Illustrations
Figures
1.1 A lternative choices between equality and per capita
income above subsistence level (as an efficiency index),
with given preferences, but in two different systems
or contexts, that variously favour equality or efficiency 21
6.1 L iquidity ratios for oligopolistic firms 102
6.2 L iquidity ratios for competitive firms 103
6.3 L iquidity ratios for competitive firms 104
8.1 S tate of confidence of firms in France: effects
on economic growth 1 29
8.2 I nflation and state of confidence of firms and banks
in France: effects on economic growth 131
8.3 T wo income policies: effects on economic growth 132
13.1 P rofits and costing margins in a closed economy
without a public sector 2 01
13.2 A simple Kaleckian model in a closed economy
without public sector 2 01
13.3 T he profit rate in a Kaleckian growth model 203
13.4 P rofits and costing margins with an endogenous
budget or trade balance 2 05
13.5 T he Kaleckian model with an endogenous
budget deficit and trade balance 206
Tables
6.1 S outh African listed manufacturing and
service industry firms 1 01
9.1 S avings and investment relative to GDP, 2002–2007 143
9.2 B udget deficit and current account relative to GDP 143
vii
Acknowledgements
The editors of these volumes wish to thank Irena Kowalik and Mateusz
Kowalik for their generous support; Taiba Batool and Ania Wroński at
Palgrave Macmillan for their encouragement and understanding; Hanna
Szymborska for research assistance; Anita Prażmowska and Giovanna
Vertova for their patience; and, above all, Tadeusz Kowalik for his
untiring inspiration. The kindness and the generosity of the contributors
have made these volumes the outstanding tribute that Tadeusz Kowalik
deserves, and leaves the editors with sole responsibility for remaining
errors.
viii
Notes on Contributors
Paul A uerbach i s Reader in Economics in the Department of Economics,
Kingston University, London.
Riccardo Bellofiore is Professor of Economics at the University of
Bergamo, Italy.
Alberto Chilosi is Professor of Economic Policy at the University of Pisa,
Italy.
Pat Devine is an Honorary Research Fellow at the University of
Manchester, UK, and Convenor of the Red Green Study Group.
Gary A. D ymski i s Professor of Applied Economics at Leeds University
Business School, University of Leeds, UK.
Ewa K arwowski i s a researcher at the School of Oriental and African
Studies, University of London.
John E. King has recently retired from La Trobe University, Australia.
Kazimierz Łaski is Emeritus Professor of Economics at the University of
Linz, Austria, and the Vienna Institute for International Economic Studies.
Marc Lavoie is a professor in the Department of Economics at the
University of Ottawa, Canada, and IMK Research Fellow at the Institut
für Makroökonomie in Düsseldorf, Germany.
Edwin Le Heron i s Associate Professor in Economics at the Bordeaux
Institute of Political Science, France, and researcher at the GREThA of
University of Bordeaux.
Paul Mattick has recently retired as Professor of Philosophy at Adelphi
University, USA.
D. Mario Nuti has recently retired as Professor of Comparative Economic
Systems at the University of Roma ‘La Sapienza’.
Leon Podkaminer is Professor of Economics, Institute of Economic
Sciences of the Polish Academy of Sciences; Vienna Institute for
International Economic Studies and Wyższa Szkoła Administracji,
Bielsko-Biała, Poland.
Malcolm S awyer i s Emeritus Professor of Economics, Leeds University
Business School, University of Leeds, UK.
ix
