Economic Crisis and Political Economy

1. Front Matter

   Pages i-xi

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2. Introduction: Tadeusz Kowalik and the Political Economy of the 20th Century

   • Riccardo Bellofiore, Ewa Karwowski, Jan Toporowski

   Pages 1-9

3. The Economic System as an End or as a Means, and the Future of Socialism: An Evolutionary Viewpoint

   • Alberto Chilosi

   Pages 10-28

4. Whatever Happened to the ‘Crucial Reform’?

   • John E. King

   Pages 29-41

5. ‘Crucial Reform’ in Post-War Socialism and Capitalism: Kowalik’s Analysis and the Polish Transition

   • Gary A. Dymski

   Pages 42-61

6. Michał Kalecki’s Capitalist Dynamics from Today’s Perspective

   • D. Mario Nuti

   Pages 62-73

7. ‘Political Aspects of Persisting Unemployment’: Kalecki and Beyond

   • Alessandro Vercelli

   Pages 74-87

8. The Dynamics of Competition

   • Ewa Karwowski

   Pages 88-105

9. Net Private Savings in Relation to the Government’s Financial Balance

   • Kazimierz Łaski, Leon Podkaminer

   Pages 106-112

10. Confidence, Increasing Risks, Income Distribution and Crisis in a Post-Kaleckian Stock-Flow Consistent Model

    • Edwin Le Heron

    Pages 113-138

11. Kalecki’s Macroeconomic Analysis and the ‘Great Recession’

    • Malcolm Sawyer

    Pages 139-152

12. ‘The Accumulation of Capital’ of Rosa Luxemburg, and Systemic and Structural Reasons for the Present Crisis

    • Janusz J. Tomidajewicz

    Pages 153-167

13. Capitalism, Crisis, Growth and Ecology

    • Pat Devine

    Pages 168-179

14. Trend and Cycle: On the Timeliness of Grossman’s Breakdown Theory

    • Paul Mattick

    Pages 180-197

15. Macroeconomic Paradoxes with Kalecki and Kaleckians

    • Marc Lavoie

    Pages 198-211

16. Revisiting the Socialist Calculation Debate: The Role of Markets and Finance in Hayek’s Response to Lange’s Challenge

    • Paul Auerbach, Dimitris P. Sotiropoulos

    Pages 212-230

17. Back Matter

    Pages 231-267

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Rosa Luxemburg, Oskar Lange and Micha? Kalecki made important contributions to twentieth century political economy that guided the thinking of their student Tadeusz Kowalik. The chapters of this volume examine how the ideas of Luxemburg, Lange, Kalecki and Kowalik can illuminate our understanding of the crisis in twenty-first century capitalism.

• capitalism
• competition
• crisis
• economic system
• employment
• growth
• macroeconomics
• Polis
• political economy
• transition
• unemployment

• University of Bergamo, Italy

  Riccardo Bellofiore

• School of Oriental and African Studies, University of London, UK

  Ewa Karwowski, Jan Toporowski

Ewa Karwowski, The School of Oriental and African Studies, University of London, UK Riccardo Bellofiore, University of Bergamo, Italy Jan Toporowski, The School of Oriental and African Studies, University of London, UK Alberto Chilosi, University of Pisa, Italy John King, La Trobe University, Australia Gary Dymski, University of Leeds, UK D. Mario Nuti, University of Rome, Italy Alessandro Vercelli, University of Siena, Italy Kazimierz Laski, Johannes Kepler University, Austria Leon Podkaminer, The Vienna Institute for International Economic Studies, wiiw, Austria Edwin Le Heron, University of Bordeaux, France Malcolm Sawyer, University of Leeds, UK Janusz Tomidajewicz, Poznan University of Economics, Poland Pat Devine, Manchester University, UK Paul Mattick, USA Marc Lavoie, University of Ottawa, Canada Paul Auerbach, Kingston University, London, UK Dimitris P. Sotiropoulos, National Technical University of Athens, Greece

Policies and ethics