that globally there was no stimulus, only a shift to those 
countries which played the game better than the others 
( Japan and Germany ). What failed therefore, was not a 
Keynesian or Kaleckian, but a very un-Kaleckian policy. 
In addition I feel also very strongly that the 
welfare state has been perverted long ago, from the start really. 
It consists largely in subsidising a well to do stratum of 
middle classes by tax policy etc wehich swells the budget 
spending. 
I have also to write a paper for a Festschrift for K. Laski. 
I shall write "marginal notes on Kalecki's price theory; 
it will overlag a little with the other paper. 
I hope you and your family are well. 
With best wishes to all of you 
Yours,