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Addressing the ‘Great Recession’ Using Kalecki’s Macroeconomic Analysis

In: Michał Kalecki in the 21st Century

Author

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  • Malcolm Sawyer

Abstract

The global financial crisis of 2007–2009 and the subsequent ‘Great Recession’ have often been compared with the 1929–1933 financial crisis starting with the Wall Street crash and the ‘Great Depression’. The scale of the ‘Great Recession’ has for most countries not been as great as that of the ‘Great Depression’ due to the larger scale of government and the willingness to allow the ‘automatic stabilizers’ of fiscal policy to work with resulting large budget deficits. But recently the general tenor of debate has swung in the direction of austerity.

Suggested Citation

  • Malcolm Sawyer, 2015. "Addressing the ‘Great Recession’ Using Kalecki’s Macroeconomic Analysis," Palgrave Studies in the History of Economic Thought, in: Jan Toporowski & Łukasz Mamica (ed.), Michał Kalecki in the 21st Century, chapter 12, pages 198-211, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-1-137-42828-8_13
    DOI: 10.1057/9781137428288_13
    as

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