ABSTRACT
Michal Kalecki was sceptical to the possibility of underdeveloped economies to attain development under a regime of free trade or economic liberalization in general. His contributions to the theory of economic development were therefore conceived for centrally planned or mixed economies. However, in his papers on economic development, as well as in his theoretical work in general, he made assumptions and opened up perspectives which are highly relevant to any theory of economic development, also under the conditions of a liberalized underdeveloped economy attempting to follow the path of laissez-faire capitalism.
