Chapter

Kalecki: Full Employment Welfare Capitalism?

Peter Flaschel and Alfred Greiner

in Flexicurity Capitalism

Published in print April 2012 | ISBN: 9780199751587
Published online May 2012 | e-ISBN: 9780199932825 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199751587.003.0003
Kalecki: Full Employment Welfare Capitalism?

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Chapter 2 analyzes the internal relationship between capital and labor and their interaction in the production process within firms. It resorts to Kalecki's analysis of the ‘Political Aspects of Full Employment', which asserts that capitalist economies will enter a stagnant phase after prosperity phases, since industrial leaders do not like full employment policies and can indeed enforce tight fiscal and monetary policies and this even during the stagnant phase of the distributive cycle. The chapter illustrates that this conflict can be managed in an educated, social and democratic society and is not as ineluctable as it is suggested by Kalecki.

Keywords: full employment; welfare; industrial leaders; fiscal policy; monetary policy

Chapter.  18180 words.  Illustrated.

Subjects: Economic Systems

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