Full employment as a condition of crisis: Kalecki's Marxian critique of Keynes and the Fabians (1942–45).

The article focuses on Michał Kalecki’s analysis of full employment in capitalist economies during 1942–45, emphasizing its political and economic dimensions and its roots in Marxian theory. Kalecki argued that full employment under capitalism is inherently unstable due to institutional constraints and class conflict, contrasting with Keynes’s view that full employment could be achieved through technical policy measures and persuasion. The article also highlights Kalecki’s critique of the Fabian Society’s reformist approach and his involvement in British Labour Party debates, where he saw full employment as a catalyst for social conflict and a necessary condition for transitioning to socialism. Overall, Kalecki’s work is presented as a critical update to Marxian business cycle theory, stressing the interplay between economic dynamics and political power in capitalist societies.