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Currency under War Communism: An example of Gresham's Law?
- Source :
- Economic Affairs; Jun2023, Vol. 43 Issue 2, p211-228, 18p, 3 Charts
- Publication Year :
- 2023
-
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. [ABSTRACT FROM AUTHOR]
- Subjects :
- WAR
MONETARY systems
ECONOMIC policy
HARD currencies
COMMUNISM
Subjects
Details
- Language :
- English
- ISSN :
- 02650665
- Volume :
- 43
- Issue :
- 2
- Database :
- Complementary Index
- Journal :
- Economic Affairs
- Publication Type :
- Academic Journal
- Accession number :
- 164876707
- Full Text :
- https://doi.org/10.1111/ecaf.12575