5 
The upshot is that a principle pronounced by Kalecki proves 
to be applicable to the development on a world scale: 
He said that the policy of stimulating private investment 
either by a cut in interest rates or by tax incentives, 
could be effective only te mporarily because of the capacity 
created which would require a renewed dose of stimulus 
in order not to depress the markets, and so on. 
The basic problem of effective demand is not.solved by t 
the tax stimulus. 
It follows then that the employment policy pursued by practically 
all countries was not aDEquate, in fact, it was not a 
Keynesian or at least not a Kaleckian policy at all 
and therefore what failed was anything but a Keynesian or 
Kaleckian policy. The problem of creating an adequate amount 
of consumption, by approprate disIribu^i^n^o^incBme^poSicies^ 1 
remains basic for a full employment policy . 
onmental