Tadeusz Kowalik, the doyen of Polish political economists, died at his home in Warsaw on July 30, 2012. Kowalik is best known as the last surviving coauthor of the great Polish economist, Michał Kalecki (1899–1970), as an advisor to the Polish trade union movement Solidarity when it played a key part in bringing down the Communist government in the 1980s, and subsequently as a fierce critic of the capitalism that was put in its place. He challenged both the commonly accepted view of the Keynesian Revolution and the inability of Polish Communists to come to terms with their revolutionary past and find a place for themselves in the modern world.
At the end of the twentieth century, while financial economists satisfied their intellectual pretensions to useful knowledge by conjuring up visions of a world peopled with materialistic consumer-investors optimizing rationally in accordance with their willingness to hazard their wealth, the propertied classes themselves were succumbing to new delusions fostered by the financial markets. The reasoned response of propertied individuals to their experience of the world of speculative finance has created a new political culture with important consequences for the political economy of capitalism