Monetary Policy in the Soviet Union Empirical Analyses of Monetary A
This book sheds light on the Soviet economic system, which claimed the eventual abolition of money, collapsed following a monetary turmoil. It argues that the cause of the economic collapse was embedded in the design of the economic system. The Soviet ec
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Yasushi Nakamura
Monetary Policy in the Soviet Union
Yasushi Nakamura
Monetary Policy in the Soviet Union Empirical Analyses of Monetary Aspects of Soviet Economic Development
Yasushi Nakamura Yokohama, Japan
ISBN 978-1-137-49416-0 ISBN 978-1-137-49418-4 (eBook) DOI 10.1057/978-1-137-49418-4 Library of Congress Control Number: 2017940602 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover Illustration: © Janusz Pieńkowski/Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Nature America Inc. The registered company address is: 1 New York Plaza, New York, NY 10004, U.S.A.
Preface
A quarter of century has passed since the Soviet economy collapsed. Interest in the Soviet economy seems to be waning, although the new Russian economy is attracting continuous attention. I started studying the Soviet economy as a postgraduate student in 1980 when the Socialist system was still towering despite ominous signs of stagnation and disintegration. Over the next 10 years, the entire socialist system abruptly fell apart; the subject of my study disappeared. Frankly, my interest in the Soviet economy had also been waning after its collapse, even though I always felt that I had only partially finished my study. Important questions, such as whether the Soviet economy was inherently unsustainable, whether the Soviet strategy for economic development was applicable to other economies, and what determined the timing of the systemic collapse of 1990, did not seem to have been fully answered. Although these questions lingered in my mind, it seemed difficult to empirically investigate these questions, because relevant Soviet economic data was lacking. The opening-up of Soviet archives was indeed a revelation on
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