“Kalecki thus precisely predicted the economic and political U-turn that occurred with the advent of neoliberalism. Kalecki also argued that fundamental institutional changes, especially regarding wage-setting and other aspects of the employment relationship, would be essential if full employment was to be sustained.”

Part 2, Chapter 8, Workers and Bosses, p. 104
Economics For Everyone (2008)

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Jim Stanford21

Canadian economist 1961

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“What is the whole problem as it effects the working classes of this country? It is all contained in one word—employment. Cheap food, a higher standard of living, higher wages—all these things, important as they are, are contained in the word employment. If this policy will give you more employment, all the others would be added unto you. If you lose your employment, all the others put together will not compensate you for that loss.”

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“Conditions have greatly changed in Great Britain since the end of the war owing to the existence of full employment. Negotiations about wages between the two sides of industry now take place in entirely different circumstances. There is no reserve of labour to compete for jobs. … If wages rise faster than productivity the increases in cost can usually be passed on in increased selling prices. There is thus in the economic system very much less check on the upward movement of money wages. …if wages at home rise unchecked, it is more likely in general that exports will gradually cease to be competitive and there will be balance of payments difficulties. These can be met, in the end, by devaluation. A succession of devaluations completely undermines confidence in any currency. … It is clear that a very difficult problem faces a country such as ours, which wishes to maintain full employment and yet to avoid the undoubted evils of rising prices and balance of payments difficulties abroad.”

Hugh Gaitskell (1906–1963) British politician

Memorandum, 'Wages and Prices and Full Employment' (1 December 1950), quoted in Correlli Barnett, The Lost Victory: British Dreams, British Realities: 1945–1950 (London: Pan, 1996), pp. 350–352
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Memorandum, 'The Dollar Situation: Forthcoming Discussions with U.S.A. and Canada' (4 July 1949), quoted in Correlli Barnett, The Lost Victory: British Dreams, British Realities: 1945–1950 (London: Pan, 1996), p. 353
Chancellor of the Exchequer

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Mark Satin (1946) American political theorist, author, and newsletter publisher

Source: New Options for America (1991), Chapter 6, "Should We Protect Jobs – or Redefine Work?," p. 46.

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