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Monetary Institutions in a Planned Economy

In: Monetary Theory and Economic Institutions

Author

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  • Oleg Bogomolov

    (Academy of Sciences)

Abstract

Money, credit and banking are important components of the socialist countries planned economy. But their rôle in some countries is different because of various conceptions of economic reforms, different relations between directive (command) and commodity-money instruments of planned management. The principal approach to activities of monetary institutions under socialism is, however, the same and originates in V. I. Lenin’s concepts on the use of banks as one of the most important means of the management of national economy. Lenin (1917) wrote that ‘without big banks socialism would be impossible … The single biggest of the biggest state bank constitutes already nine tenths of the socialist state machinery. It is state book-keeping, state accounting of the production and distribution of products … ’

Suggested Citation

  • Oleg Bogomolov, 1987. "Monetary Institutions in a Planned Economy," International Economic Association Series, in: Marcello Cecco & Jean-Paul Fitoussi (ed.), Monetary Theory and Economic Institutions, chapter 9, pages 209-221, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08781-5_9
    DOI: 10.1007/978-1-349-08781-5_9
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