Understanding Globalization, Financialization, Competition and Crisis
Chapter 13: Class Conflict and Macropolicy: The Political Business Cycle
With the principal exception of the brilliant 30 year old essay by Kalecki on “The Political Aspects of Full Employment,”1 radical political economists have done little to explain and interpret short-run macropolicy and the phenomenon of the business cycle in terms of their class implications.2 This failure has serious political ramifications. The recurrent pattern of economic expansions and contractions affects not only the welfare of the working class, but its militancy and class consciousness as well.
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