This is the third of seven volumes comprising the definitive scholarly edition of the works of Michal Kalecki, one of the most distinguished twentieth-century economists and one of the trio who arrived at the conclusions promulgated by Keynes around the time - and in Kalecki's case arguably earlier - than Keynes himself. Nearly half the material to appear in the seven volumes has never been previously published in English and includes revisions and additions made in the light of recent research, including information about the relationship of Kalecki's ideas to the ideas of contemporary economic theory. This third volume contains Kalecki's studies on the functioning of the socialist economy and on long-run planning, with special reference to Poland. Kalecki made an extensive contribution to the debates on Poland's post-war reconstruction, and especially on the system of planning and management of the Polish economy in 1955-64 and much of his work was unpublished until the 1980's. His activities throughout this period were so varied - on the practical level as well as on the theoretical - that the volume contains nearly all the material which has survived - Kalecki's correspondence, notes, records of his contribution to debates, and memoranda, providing an opportunity to survey Kalecki's activities related to the functioning of the Polish post-war economy.

This volume contains Kalecki's writings on the theory of growth of a socialist economy and the theory of economic efficiency of investment. These are supplemented by essays on some economic and social problems of People's Poland. Though quite theoretical in nature, both the Introduction to the Theory of Growth in a Socialist Economy and Kalecki's many studies in the theory of economic efficiency of investment projects are deeply rooted in his practical experience as an economic planner. It is only in this light that the significance of his contributions to the theory of economic efficiency of investments can be assessed, and his ideas on socialist reproduction can be seen as a whole. Its central point is economic planning, which for Kalecki was the fundamental feature of a socialist economy.

This fifth volume in a new and definitive seven-volume edition in English of the works of Michal Kalecki contains his studies on the theory and practice of economic development. The first part of the book is devoted to general problems of economic underdevelopment. 'Observations on Social and Economic Aspects of "Intermediate Regimes"' is his best-known paper here, but the other two papers are equally important for the understanding of Kalecki's approach to problems of the underdeveloped non-socialist countries. In Part 2, 'The Problem of Financing Economic Development', published in Mexico in 1953, attracted great interest and possibly gave rise to a new school of thought (that is to Structuralism) in development economics. Part 3 contains Kalecki's four empirical case-studies on the economic development of underdeveloped countries which are deeply rooted in their specific social and political conditions. The editorial notes and annexes at the end of the volume not only provide invaluable background information and explanatory glossing to the main texts, but also give - in many cases for the first time in published form - invaluable insights into the development of Kalecki's thought.