Michał Kalecki: An Intellectual Biography (eBook)

Jan Toporowski is Professor of Economics and Finance at the School of Oriental and African Studies, University of London, UK, Visiting Professor of Economics and Finance at the International University College, Turin, Italy, and Visiting Professor of Economics at the University of Bergamo, Italy. He has worked in fund management, international banking, central banking and financial and economic consultancy. He has published extensively on monetary and financial theory and policy and the history of economic thought. The first volume of this intellectual biography, Michał Kalecki: An Intellectual Biography – Volume I: Rendez-vous in Cambridge 1899–1939, was published in 2013. 

Contents 7
Preface 9
Acknowledgements 13
1: Wages in ‘Free and Fair Competition’ 15
1.1 Real and Money Wages According to Keynes 16
1.2 Kalecki on Wages, Real and Money 19
1.3 The Political Economy of Wages 30
2: A Farewell to the 1930s 35
2.1 Polish Interest in the New Economics 35
2.2 The Coming of War 38
3: Oxford 47
3.1 At the Oxford Institute 47
3.2 Imperfect Competition 50
3.3 Rationing 54
4: Among Friends Again? 62
4.1 Friends Come Together 62
4.2 The Material Costs of War 67
5: Progress and Profit 75
5.1 Technical Progress 75
5.2 The Theory of Profits 83
6: Profits and Money 98
6.1 Monetary Circulation and the Money Market 100
6.2 The Critique of Wicksellianism 103
6.3 Money and Debt 109
6.4 Conclusion 114
7: The Political Economy of Full Employment 119
7.1 The Politics of Full Employment 120
7.2 Full Employment: But How? 127
8: Planning for Peace 137
8.1 Trade Disequilibrium and Full Employment 137
8.2 The Kalecki/Schumacher Plan 140
8.3 The International Monetary Fund Emerges 145
8.4 The Departure from Oxford 147
9: The Transition Period 155
9.1 Final Thoughts from Oxford 155
9.2 To Montreal 158
9.3 Monetary Policy Again 162
9.4 The Old Poland, and the New 167
10: At the United Nations 174
10.1 New York and Induction into the United Nations 174
10.2 Economic Diplomacy 176
10.3 Towards Development Economics 182
11: The Disenchantment at the United Nations 192
11.1 The Birth-Pangs of a New Book 192
11.2 Trouble at the United Nations 197
12: The Possibilities of Real Existing Socialism 207
12.1 A Stop-Over in Cambridge 207
12.2 Socialist Economic Reforms 210
12.3 Academic Recognition 219
12.4 Advising on Economic Development 223
13: Academic Freedom 230
13.1 Plans and Hopes Unfulfilled 230
13.2 Those ‘Academies of Science’ 233
13.3 The Academic Laurels 238
13.4 The Return to Mexico 246
14: The Last Disappointment 251
14.1 Recovery as a Marxist 251
14.2 Capitalism and Its Dependencies 254
14.3 The Purge of the Intelligentsia 258
14.4 Final Comforts 262
Sources and Bibliography 268
Archives 268
Kalecki’s Publications (Cited in This Volume) 269
Secondary Sources 277
Other References 278
Index 286