Michal Kalecki’s Contribution to the Theory and Practice of Socialist Planning

Domenico Mario Nuti ()
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Domenico Mario Nuti: University of Rome

Chapter 4 in Collected Works of Domenico Mario Nuti, Volume I, 2023, pp 55-89 from Palgrave Macmillan

Abstract: Abstract Michal Kalecki’s contributions to the economics of socialism—less widely known but no less important than his pioneering contributions to the economics of capitalism – span the period 1946–1970 and are affected by the development and performance of the Polish system, as well as coloured by his views on capitalist dynamics. They consist of a coherent model of the socialist economy and its functioning, characterised by centralised economic planning and political decentralisation with a limited role for markets; a well-developed theory of socialist dynamics, emphasising exogenous constraints to growth and accumulation policy, which were neglected by Polish leaders with dramatic consequences; and a number of planning procedures and guidelines of practical use, for the selection of investment projects, consumption planning and the construction of long-term plans.

Date: 2023
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DOI: 10.1007/978-3-031-12334-4_4

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