
By Michal Kalecki
First version of Michal Kalecki's essays on capitalist economic system, containing his most important contributions to the field.
Michał Kalecki (1899 – 1970) was once one of many preferable economists of the 20th century. even though Kalecki is usually considered as a follower of John Maynard Keynes, Kalecki's paintings usually predated Keynes'. for example, Kalecki's Essay on company Cycle concept (1933) postulated the capitalist financial system as a demand-determined method 3 years sooner than the e-book of Keynes's basic concept. even if, simply because Kalecki often released in his local Polish, Keyne's paintings ordinarily gets extra popularity within the English-speaking international.
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Additional info for Selected Essays on the Dynamics of the Capitalist Economy 1933-1970
Sample text
They preferred a new form of credit controlled by the G-10. On important votes, the other European countries did not support France. This was particularly true of French proposals to increase world reserves by raising the gold price and reestablishing gold as a “neutral currency” (Solomon, 1982, 136). S. 53 51. ” Policy officials ignored all such comments. 52. The French position was that the special position of the dollar gave the United States the great advantage that it could settle its payments deficit by printing more of its own currency.
08 billion (FOMC Minutes, November 27, 1967, 57–58). The outflow from the London gold pool continued and showed signs of increasing. Hayes (New York) reported that several members of the pool had discussed a temporary suspension of gold trading if another surge of demand occurred. S. , December 12, 1967, 15). “There was a growing sense of disenchantment. Mr. S. , 17). S. 39 39. According to Martin, the president’s new program convinced members of Congress that he had solved the problem, so they did not have to increase tax rates.
S. 5 billion held at the end of February 1968 defending its par value. 5 billion short-term loan. The Federal Reserve agreed to increase the swap line by a maximum of $100 million. S. controls on lending and investing. The Board agreed to the exemption because the Treasury had agreed with the Canadians (Board Minutes, March 7, 1968, 9–10; memo, Robert C. Holland to FOMC, “The Two-Market System for Gold,” Board Records, March 29, 1968, 15). After suspending sales to the London market, the Paris market gold price rose to $44 an ounce, a 26 percent discount of the dollar.