Social Democracy and Full Employment
AbstractFull employment was the centrepiece of the economic policy of social democracy in the post-war period. Whilst the role of Keynesianism in policy making may be exaggerated, it offered the prospect of maintaining full employment without any section of society having to pay. Problems with the foreign balance and with the budget deficits, however, may require that some part of society has to pay with reduced consumption for full employment. This will tend to sharpen the distributive conflicts which, as Kalecki argued, are endemic to full employment capitalism and which eventually rendered it unsustainable by undermining profitability and the dynamism of private investment. The demand necessary to sustain full employment can be maintained by a balanced budget expansion provided the political support can be secured for the higher taxation and provided the institutions for containing distributional conflict can be developed. -- VollbeschÃ¤ftigung war das Hauptziel sozialdemokratischer Wirtschaftspolitik in der NachkriegsÃ¤ra. Auch wenn die Rolle des Keynesianismus hinsichtlich der praktischen Politik Ã¼berschÃ¤tzt werden kÃ¶nnte, so stellte er doch in Aussicht, VollbeschÃ¤ftigung zu erhalten, ohne daÃ dies auf Kosten eines Teils der Gesellschaft ging. Im Falle einer unausgeglichenen AuÃenhandelsbilanz und bei Haushaltsdefiziten kÃ¶nnte es natÃ¼rlich dazu kommen, daÃ fÃ¼r einige Gruppen in der Gesellschaft VollbeschÃ¤ftigung nur um den Preis eines verminderten Konsumniveaus zu haben ist. Dies kÃ¶nnte dann zu einer VerschÃ¤rfung von Verteilungskonflikten fÃ¼hren, die, so Kalecki, zu einem VollbeschÃ¤ftigungskapitalismus gehÃ¶ren und die schlieÃlich ein Stadium erreichen kÃ¶nnten, in dem durch AushÃ¶hlung der ProfitabilitÃ¤t und der Investitionsdynamik die SelbsterhaltungskrÃ¤fte verschwÃ¤nden. Die fÃ¼r die Sicherung der VollbeschÃ¤ftigung notwendige Nachfrage kann durch eine ausgewogene Budgetausweitung erhalten bleiben, vorausgesetzt, die notwendige politische UnterstÃ¼
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Bibliographic InfoArticle provided by Nordic Journal of Political Economy in its journal Nordic Journal of Political Economy.
Volume (Year): 22 (1995)
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Other versions of this item:
- Glyn, Andrew, 1995. "Social democracy and full employment," Discussion Papers, Research Unit: Economic Change and Employment FS I 95-302, Social Science Research Center Berlin (WZB).
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