Currency under War Communism: An example of Gresham's Law?

Cristóbal Matarán

Economic Affairs, 2023, vol. 43, issue 2, 211-228

Abstract: This article covers the consequences of the Bolsheviks' coup d'état in 1917 for the Soviet monetary system. I argue that the episode illustrates Gresham's Law, as three different currencies made an appearance in the Russian economy. This monetary disorder is scarcely mentioned by Marxist authors. It was a failure that would be mitigated by the subsequent New Economic Policy, an amendment to the Bolshevist War Communism programme of nationalisation and intervention in the economy.

Date: 2023
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