Writing in 1943 , the outstanding Polish economist Michael Kalecki affirmed that "even in a capitalist system, full employment may be secured by a government spending...." He wrote that "a solid majority of economists" shared this view.

His hypothesis was qualified by only two conditions. First, governments needed to have plans for full employment of "labour power." Second, governments had to be able to pay for needed imports of raw materials through exports. By this, he meant governments needed to have access to foreign currency. Securing domestic currency was no problem. Governments simply paid for employment programs by issuing government bonds.