[lbo-talk] Michal Kalecki

Doug Henwood dhenwood at panix.com
Wed Mar 31 18:36:30 PDT 2010


On Mar 31, 2010, at 9:28 PM, Mike Beggs wrote:


> In the end full employment turned out to be _economically_ impossible
> and not only politically distasteful for capital.

But the contradiction appears less sharp if you have a political theory of inflation - a stalemate in the class struggle, in which neither side gets the upper hand. Driving the unemployment rate up over 10% in the U.S. certainly made it clear who was on top, and inflation fell dramatically.

Doug



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