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Political Aspects of Full Employment: Eight Decades On

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  • Malcolm Sawyer

Abstract

The contribution and continuing relevance of Kalecki’s paper on ‘Political aspects of full employment’ on the 80th anniversary of its publication is the central topic. There are five sets of important and interrelated ideas in Kalecki’s paper. Full employment was feasible under capitalism from the perspective of securing a high level of demand through government spending. There would be resistance, particularly from business and finance to prolonged full employment, and there are political and social constraints on long-term full employment. Fascism had secured full employment through its relationships with big business and reducing the political obstacles. A political business cycle with full employment achieved at best at the top of the cycle could be generated. The role of ‘fundamental reforms’ in sustaining full employment under capitalism, and the ‘fate’ of fundamental reforms is reviewed.

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  • Malcolm Sawyer, 2023. "Political Aspects of Full Employment: Eight Decades On," Review of Political Economy, Taylor & Francis Journals, vol. 35(4), pages 1109-1123, October.
    • Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1109-1123
    DOI: 10.1080/09538259.2023.2248027
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    Cited by:

    1. Aleksandr Arsenev & Meryem Gökten & Philipp Heimberger & Andreas Lichtenberger, 2024. "Full Employment: A Survey of Theory, Empirics and Policies," wiiw Working Papers 249, The Vienna Institute for International Economic Studies, wiiw.

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