2) Kalecki differed from Keynes and his followers in believing, like Rosa Luxemburg and Marx, that the irrational characteristics of capitalism
could not be attributed to defects in the faculties of capitalists.
Its major points can be summarized as follows: (1) capitalism in its essence is a system of continuous change; (2) change is brought about by the innovative activities of entrepreneurs; (3) the entrepreneur is the central figure that distinguishes capitalism from all other systems; and (4) such characteristics of capitalism
as profit, interest, bank credit, and business cycles arise because of innovation.
Although I have made no effort to trace it, I suspect that the growing stress upon competition of capitals as the unique characteristics of capitalism has emerged as an attempt to counter those (like Charles Bettelheim) who have argued that the USSR and "Soviet-type" economies are specific forms of capitalism.
By focusing, however, on the separation of social capital and the competition of capitals as the unique characteristics of capitalism in order to combat these arguments, Sweezy and Magdoff not only divert our attention from what is essential in "Soviet-type" economies but also obscure Marx's own argument and method of analysis.
These three characteristics of capitalism
are what define it; and while their intensity may vary from time to time, they are ever present and constitute the very essence of the system.