The essays in this volume, by veteran economists as well as younger scholars, are part of a radical attempt to grapple with the problems of advanced capitalist development without discarding the real theoretical breakthroughs made by Keynes. The contributors argue that Keynes was correct in pointing to the economic contradictions stemming from unemployment, income inequality, and speculative finance, but failed to consider the class composition of social output, the macroeconomic effects of the modern firm, and the atrophy of investment under conditions of capitalist maturity. They thus seek to uncover the sources of stagnation under monopoly capitalism by building on the work of three of the great economists of modern times: Marx, Keynes, and Kalecki.

This is the fifth of seven volumes comprising the definitive scholarly edition of the works of Michal Kalecki, one of the most distinguished 20th-century economists. This volume contains Kalecki's studies on the theory and practice of economic development. It discusses general problems of economic underdevelopment, includes "Observations on Social and Economic Aspects of 'Intermediate Regimes'" and two other papers as equally important for the understanding of Kalecki's approach to problems of the underdeveloped non-socialist countries. This work includes his four empirical case studies on development problems of Israel, India, Cuba, and Bolivia. As in the case of his work on the capitalist and the socialist economies, his studies on the economic development of underdeveloped countries are deeply rooted in their specific social and political conditions.