It is the export surplus and the budget deficit which enabl… - Michał Kalecki

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It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services.
The connection between 'external' profits and imperialism is obvious.

Michał Kalecki

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About Michał Kalecki

Michal Kalecki (June 22, 1899, in Łódź – April 18, 1970, in Warsaw) was a Polish Marxist economist who specialized in macroeconomics of a broadly-defined Keynesian sort. Over the course of his life, Kalecki worked at the London School of Economics, University of Cambridge, University of Oxford and Warsaw School of Economics as well as an economic advisor to governments of Cuba, Israel, Mexico and India.

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It is indeed paradoxical that, while the apologists of capitalism usually consider the 'price mechanism' to be the great advantage of the capitalist system, price flexibility proves to be a characteristic feature of the socialist economy.

An increase in the number of paupers does not broaden the market.

It has been frequently assumed that V is constant; and this indeed is the cornerstone of the quantity theory of money. But it seems fairly obvious that the velocity of circulation in fact depends on the short-term rate of interest.

It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services… - Michał Kalecki

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