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.

With joint-stock corporations, investors can place bets on the success of many different companies, without having to play a central management role in any one of them. This allows investors to diversify their financial holdings. It also allows them to capture profits on their investments, without having to get involved in the dirty, troublesome business of actually running a company.

Indeed, if communist central planners could have organized the economy with as much detail, precision, and flexibility as a modern-day Toyota or Wal-Mart, communism would probably still exist.

Employers crave the power to fire workers whose performance is judged inferior-not just to get rid of those particular workers, but more importantly to motivate and discipline the rest of the workforce.

Apart from their work and production, households perform other important economic functions. Most CONSUMPTION occurs within the household. ... In developed capitalist economies, private consumption spending accounts for half or more of GDP.

Growth can also involve producing services instead of goods. In particular, a major expansion of public and caring services (like child care, education, elder care, and other life-affirming programs) would generate huge increases in GDP and incomes, with virtually no impact on the environment.

One of the glaring failures of capitalism is the continuing widespread existence of poverty - often extreme poverty. Even in the advanced economies, many millions of people endure terrible economic and social deprivation, despite the incredible wealth all around them.