The Last Phase in the Transformation of Capitalism

Introduction by George R. Feiwel

This volume includes six essays, the first dating from 1935 and the last from 1967, by one of the outstanding economists of our time. The economics presented in this volume is political economy worthy of the name: a discipline that shows us the social relations, in particular the class and group conflicts, behind the economic quantitative relations.

Michal Kalecki, as Joan Robinson has pointed out, anticipated the Keynesian system, from a training in the field of Marxist economics.

Michal Kalecki (1899–1970) was born in Lodz, Poland. He was associated with the prewar Warsaw Institute of Research on Business Cycles and Prices, the Oxford Institute of Statistics, the United Nations Secretariat, and taught at the Polish Central School of Planning and Statistics and at Warsaw University. In addition he studied and lectured at various Western universities, including the London School of Economics and Cambridge University. The translation to English was accomplished by the author himself, just before his death in April 1970.