Corey Robin

Tag: Michał Kalecki

What Adam Smith and little known Polish Marxist have to tell us about Trump, Musk, and the protests in LA

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Where would we be without the market? The stock market, the bond market, the financial markets in general—all of these institutions, journalists tell us, are the ultimate, perhaps only, check on President Trump’s power. Esteemed scholars reassure us of the same—that the world’s oldest constitution is backstopped by Wall Street and the dollar. Investors, the argument goes, need their investments protected. The courts, independent and powerful, can provide that protection. Threaten the courts, and the markets will tumble, and the dollar will drop. It is capitalism, in other words, and not citizens or politicians, that will force the White House into compliance with the courts and the Constitution. This faith in capitalism is both novel and strange. Historically, people have feared that capitalism undermines the sovereignty of the state and […]

Things you should never ask a political scientist

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The screenshot below is of a passage in a chapter written by Susanne Lohmann, a top UCLA political scientist, in the Oxford Handbook of Political Economy, which is edited by Barry Weingast, an even more senior political scientist at Stanford. Two things of note. First, Lohmann claims that the Yale economist William Nordhaus coined the phrase “political business cycle” in 1975. That’s untrue. As Nordhaus himself acknowledges in his 1975 article, it was in fact the Polish Marxist economist Michał Kalecki who formulated the phrase, in 1943, in his article “Political Aspects of Full Employment.” But, second, by mistaking the authorship of the “political business cycle” idea, Lohmann erases its original meaning, or even the fact that it ever had […]