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ABSTRACT
Kalecki’s analysis of military Keynesianism highlights the difficulties of managing aggregate demand in one country, without coordination with trading partners. Military Keynesianism is effective as a means of reflation because, unlike civilian public works, it induces similar expenditure by political rivals. In this way it overcomes some of the trade difficulties that arise if aggregate demand expands in only one country.
Notes
1Anyone who doubts the power of foreign debt to intimidate even economists and policymakers who claim special knowledge of international finance need only look through the discussion of the Greek crisis since 2010, or observe the “Balcerowicz meter” in the center of Warsaw, put up by a former finance minister and governor of the Polish central bank ostensibly to inform Polish citizens of how much debt their government is incurring on their behalf, to see how little reason percolates into discussions of foreign debt.
2The Institute of Social Sciences at the Central Committee of the Polish United Workers’ Party, where Kalecki’s friend Oskar Lange ran the program in Political Economy.
Additional information
Notes on contributors
Jan Toporowski
Jan Toporowski is Professor of Economics and Finance at SOAS University of London, UK; Visiting Professor of Economics at the University of Bergamo, Italy; and Visiting Professor of Economics and Finance at the International University College, Turin, Italy. The author has greatly benefited from discussion of Kalecki’s work with Joseph Halevi and Julio Lopez.