Monetary Institutions in a Planned Economy

Oleg Bogomolov

Chapter 9 in Monetary Theory and Economic Institutions, 1987, pp 209-221 from Palgrave Macmillan

Abstract: 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 … ’

Keywords: Banking System; Plan Economy; Socialist Country; Saving Bank; Credit Institution (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-08781-5_9

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DOI: 10.1007/978-1-349-08781-5_9

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