International Equilibrium and Bretton Woods Kalecki's Alternative to Keynes and White and its Consequences

International Equilibrium and Bretton Woods brings together the papers presented at a special conference of the Organisation for Economic Co-operation and Development commemorating the 75th anniversary of the Bretton Woods Conference. The papers, from a number of distinguished speakers, assess the background and the results of the Bretton Woods agreements. The discussion is focused around the critical assessment of the Keynes and White Plans by Michal Kalecki, and the consequences of this for present-day international economics and international monetary and financial policy. But this volume is unique in bringing together the critical assessments that were made at the time, by Kalecki, Fritz Schumacher, Thomas Balogh, and Raul Prebisch, that are virtually unknown today, together with critical assessments of the work of the Bretton Woods Institutions since that time.

Jerzy Osiatynski, Professor of Economics, Institute of Economics of the Polish Academy of Sciences, Warsaw, Poland,Jan Toporowski, Professor of Economics and Finance, SOAS University of London, and at International University College, Turin, Italy

The late Jerzy Osiatynski was Professor of Economics at the Institute of Economics of the Polish Academy of Sciences, Warsaw, Poland. He was Poland's Minister of Finance (1992-1993), Minister and Head of the Central Planning Office (1989-1991), Economic Advisor to the President (2010-2013), Member
of the Monetary Policy Council (2013-2019), and was Fellow of the Committee for Economic Sciences of the Polish Academy of Sciences (2007-2010 and since 2020). His research interests focused on post-Keynesian economics, economic policy, public finance, and economic transformation. He was the editor
of the six-volume Collected Works of Michal Kalecki in Polish (PWE, Warsaw, 1979-1988) and its seven-volume publication in English (Oxford University Press, 1990-1997).

Jan Toporowski is Professor of Economics and Finance at SOAS University of London, and at International University College, Turin, Italy. He studied Economics at Birkbeck College, University of London, and the University of Birmingham. He has worked in fund management, international banking,
central banking, and economic consultancy, and has advised governments, UN agencies, and professional associations on economic policy, debt management, and financial stability. Toporowski has written over 300 articles, books and papers on finance, monetary theory and macroeconomics, including two
volumes of intellectual biography of Michal Kalecki.

Part I: Bretton Woods and Full Employment: The Kalecki Alternative
1. Kalecki on Full Employment and External Equilibrium, Jerzy Osiatynski
2. The Keynes Plan and the White Plan at Bretton Woods, Peter Clarke
3. The Kalecki Plan, Jan Toporowski
4. 1. Prebisch's Critique of Bretton Woods Plans, Its Relation to Kalecki and Williams' Ideas, Esteban Pérez Caldentey and Matias Vernengo
Part II: Kalecki, multilateralism and long-term development
5. The Rise and Fall of the Bretton Woods System and the Re-emergence of Private Debt in Developing Economies, Noemi Levy-Orlik
6. Long Term Investment and its Financing: the Role of Development Banks, Stephany Griffith-Jones
7. Do We Need a New Bretton Woods to Tackle the Crisis of Modern Capitalism?, Hanna Szymborska and Julio Lopez Gallardo
8. International Debt and the Problem of Equilibrium, Jan Toporowski