Book contents
- Frontmatter
- Contents
- List of Contributors
- Preface
- Introduction
- I FINANCIAL INTERMEDIARIES IN EUROPE
- II FINANCIAL INTERMEDIARIES IN THE AMERICAS
- III OTHER FORMS OF INTERMEDIATION
- 7 Intermediaries in the U.S. Market for Technology, 1870–1920
- 8 Beyond Chinatown: Overseas Chinese Intermediaries on the Multiethnic North-American Pacific Coast in the Age of Financial Capital
- 9 Finance and Capital Accumulation in a Planned Economy: The Agricultural Surplus Hypothesis and Soviet Economic Development, 1928–1939
- 10 Was Adherence to the Gold Standard a “Good Housekeeping Seal of Approval” during the Interwar Period?
- Afterword: About Lance Davis
- Index
- References
9 - Finance and Capital Accumulation in a Planned Economy: The Agricultural Surplus Hypothesis and Soviet Economic Development, 1928–1939
Published online by Cambridge University Press: 24 July 2009
Book contents
- Frontmatter
- Contents
- List of Contributors
- Preface
- Introduction
- I FINANCIAL INTERMEDIARIES IN EUROPE
- II FINANCIAL INTERMEDIARIES IN THE AMERICAS
- III OTHER FORMS OF INTERMEDIATION
- 7 Intermediaries in the U.S. Market for Technology, 1870–1920
- 8 Beyond Chinatown: Overseas Chinese Intermediaries on the Multiethnic North-American Pacific Coast in the Age of Financial Capital
- 9 Finance and Capital Accumulation in a Planned Economy: The Agricultural Surplus Hypothesis and Soviet Economic Development, 1928–1939
- 10 Was Adherence to the Gold Standard a “Good Housekeeping Seal of Approval” during the Interwar Period?
- Afterword: About Lance Davis
- Index
- References
Summary
Finance and capital accumulation are closely related, although fundamentally different. “Capital accumulation” refers to increases in productive structures and equipment, while “finance” refers to the borrowing and lending undertaken by and through banks, securities markets, and among private individuals. In market economies, many real investment projects require a corresponding financing plan, so finance is often the complement to capital accumulation. In such cases, a more efficient financial system may increase the pace of capital accumulation or better direct it. Financial transactions, however, need not necessarily lead to capital accumulation, and projects financed out of retained earnings need not involve any new financial dealings.
What about nonmarket economies? Is there a relationship between finance and capital accumulation? In a case like the Soviet Union in the 1930s, there is the possibility of no link. After all, in a market economy where capital formation requires monetary outlay, a lack of money can stop investment, but in a planned economy where investment goods are allocated by fiat, why should money matter? However, even Stalin balanced his budget, so finance was an issue in Moscow as well as New York.
The agricultural surplus hypothesis is the link usually suggested between finance and capital formation in the U.S.S.R. The hypthesis deals with two issues – state finance and farm marketing. So far as finance is concerned, the agricultural surplus hypothesis contends that the investment drive of the 1930s was financed by mobilizing the agricultural surplus.
- Type
- Chapter
- Information
- Finance, Intermediaries, and Economic Development , pp. 272 - 287Publisher: Cambridge University PressPrint publication year: 2003
References
“Agricultural Marketing and the Possibilities for Industrialization in the Soviet Union in the 1930s.” Explorations in Economic History, 34 (1997): 387–410CrossRefGoogle Scholar
“Imposition et mobilisation du surplus agricole a l'epoque stalinienne.” Annales: Histoire, Sciences Sociales, 53 (1998a): 569–95CrossRefGoogle Scholar
“The Standard of Living in the Soviet Union, 1928–40.” Journal of Economic History 58 (1998b): 1063–1089CrossRefGoogle Scholar
, and . “Agricultural Surplus Models and Peasant Behavior: Soviet Agriculture in the 1920s” Economic Development and Cultural Change, 42 (1994): 375–386CrossRefGoogle Scholar
Baran, Paul. The Political Economy of Growth. (New York: Monthly Review Press, 1962)
“Sel'skoe khoziaistvo i istochniki sotsialisticheskogo nakopleniia v gody pervoi piatiletki (1928–1933),” Istoriia SSSR (1968): 64–82Google Scholar
Barsov, A. A. Balans stoimostnykh obmenov mezdu gorodom i derevnei. Moscow: Nauka, 1969
Bergson, Abram. Soviet National Income and Production, 1937. New York: Columbia University Press, 1953
Bergson, Abram. The Real National Income of Soviet Russia since 1928. Cambridge, MA: Harvard University Press, 1961
Bergson, A., R. Bernaut, L. Turgeon. “Basic Industrial Prices in the USSR, 1928–1950: Twenty-Five Branch Series and Their Aggregation,” Research Memorandum RM-1522, The Rand Corporation, Santa Monica, 1955
“The Economics of Price Scissors: Comment,” American Economic Review, 76 (1986): 1188–91Google Scholar
“The Economics of Price Scissors: Comment,” American Economic Review, 76 (1986): 1192–94Google Scholar
Chapman, Janet G. Real Wages in Soviet Russia since 1928. Cambridge, MA: Harvard University Press, 1963
Cohen, S. F. Bukharin and the Bolshevik Revolution. New York: Knopf, 1973
Davies, R. W. The Socialist Offensive: The Collectivization of Soviet Agriculture, 1929–1930. Cambridge, MA: Harvard University Press, 1980CrossRef
Davies, R. W. The Soviet Economy in Turmoil, 1929–1930. Cambridge, MA: Harvard University Press, 1989
Davies, R. W. Crisis and Progress in the Soviet Economy, 1931–1933. Houndmills, Basingstoke, Hampshire: Macmillan, 1996
Davies, R. W., Mark Harrison, and S. G. Wheatcroft. The Economic Transformation of the Soviet Union, 1913–1945. Cambridge: Cambridge University Press, 1994
. “Did the Agricultural Surplus Provide the Resources for the Increase in Investment in the USSR During the First Five Year Plan?” Economic Journal, 85 (1975): 844–63CrossRefGoogle Scholar
. “On a Mistake of Preobrazhensky and Stalin,” Journal of Development Studies, 14 (1978): 353–6CrossRefGoogle Scholar
Erlich, A. The Soviet Industrialization Debate, 1924–1928. Cambridge, MA: Harvard University Press, 1960
Fitzpatrick, Sheila. The Russian Revolution. Oxford: Oxford University Press, 1994
Ghatak, Subrata, and Ken Ingersent. Agriculture and Economic Development. Baltimore: The Johns Hopkins University Press, 1984
Gregory, Paul R. Before Command: An Economic History of Russia from Emancipation to the First Five-Year Plan. Princeton: Princeton University Press, 1994
Gregory, Paul R., and Robert C. Stuart. Soviet Economic Structure and Performance. New York: Harper & Row, 1986
, and . “Migration, Unemployment, and Development: A Two-Sector Analysis,” American Economic Review, 60 (1970): 126–142Google Scholar
Harrison, Mark. “The Peasantry and Industrialization,” in From Tsarism to the New Economic Policy, ed. R. W. Davies. Houndmills, Basingstoke, Hampshire: Macmillan, 1990, 104–24
Harrison, Mark. Accounting for War: Soviet Production, Employment, and the Defence Burden, 1940–1945. Cambridge: Cambridge University Press, 1992
Hoeffding, Oleg. Soviet National Income and Product in 1928. New York: Columbia University Press, 1954
Holzman, Franklyn D. Soviet Taxation. Cambridge, MA: Harvard University Press, 1955
. “Soviet Agriculture with and without Collectivization,” Slavic Review, 47 (1988): 203–26CrossRefGoogle Scholar
Hunter, Holland, and Janusz M. Szyrmer. Faulty Foundations: Soviet Economic Policies, 1928–1940. Princeton: Princeton University Press, 1992
Jasny, Naum. The Socialized Agriculture of the USSR: Plans and Performance. Stanford, Stanford University Press, 1949
Johnson, D. Gale, and Arcadius Kahan. “Soviet Agriculture: Structure and Growth,” in Arcadius Kahan, Studies and Essays on the Soviet and Eastern European Economies, Vol. I: Published Works on the Soviet Economy, ed. Peter B. Brown. Newtonville, MA: Oriental Research Partners, 1991, selection 13, (first published 1959)
, and . “The Macroeconomics of NEP,” Economic History Review, 46 (1993): 750–67CrossRefGoogle Scholar
, and . “The Role of Agriculture in Economic Development,” American Economic Review, 51 (1961): 566–93Google Scholar
, “Changes in Labor Inputs in Soviet Agriculture,” Journal of Political Economy, 67 (1959): 451–62CrossRefGoogle Scholar
Kaplan, Norman M., and Richard H. Moorsteen. “Index of Soviet Industrial Output,” Research Memorandum RM-2495, The Rand Corporation, Santa Monica, 1960
Karcz, Jerzy F. “Soviet Agricultural Marketings and Prices, 1928–1954,” Research Memorandum RM-1930, The Rand Corporation, Santa Monica, 1957
Karcz, Jerzy F. The Economics of Communist Agriculture: Selected Papers, ed. by Arthur W. Wright. Bloomington: International Development Institute, 1979
Dinamika ekonomicheskogo razvitiya SSSR. Novosobirsk, 1991
Lewin, M. Russian Peasants and Soviet Power. London: Allen & Unwin, 1968
Lorimer, F. The Population of the Soviet Union. Geneva: League of Nations, 1946
Malafeyev, A. N. Istoriya Tsenoobrazovaniya v SSSR. Moscow: Mysl'., 1964
Mellor, John W., and Mohinder S. Mudahar. “Agriculture in Economic Development: Theories, Findings, and Challenges in an Asian Context,” in Agriculture in Economic Development, 1940s to 1990s, ed. Lee R. Martin, A Survey of Agricultural Economics Literature, Vol. 4. Minneapolis: University of Minnesota Press, 1992, 331–544
Merl, S. Der Agrarmarkt und die Neue Okonomische Politik. Die Anfange staatlicher Lenkung der Landwirtschaft in der Sowjetunion, 1925–1928. Munich: Oldenbourg Verlag, 1980
Merl, S. “Socio-Economic Differentiation of the Peasantry,” in From Tsarism to the New Economic Policy, ed. by R. W. Davies. Houndmills, Basingstoke, Hampshire: Macmillan, 1990, 47–63
. “A Reformulation of A. V. Chayanov's Theory of the Peasant Economy,” Economic Development and Cultural Change, 18 (1970a): 219–29CrossRefGoogle Scholar
. “Soviet Rapid Development and the Agricultural Surplus Hypothesis,” Soviet Studies, 22 (1970b): 77–93CrossRefGoogle Scholar
. “Mass Collectivization and the Contribution of Soviet Agriculture to the First Five-Year Plan: A Review Article,” Slavic Review, 33 (1974): 750–60CrossRefGoogle Scholar
Moorsteen, Richard, and Raymond P. Powell, The Soviet Capital Stock, 1928–1962. Homewood, IL, Richard D. Irwin, 1966
Nicholls, William H. “The Place of Agriculture in Economic Development,” in Agriculture in Economic Development, eds. Carl K. Eicher and Lawrence W. Witt. New York: McGraw-Hill, 1964, 11–44
Nimitz, Nancy. Statistics of Soviet Agriculture. Research Memorandum RM-1250, The Rand Corporation, Santa Monica, 1954
Nove, Alec. An Economic History of the U.S.S.R. London: Penguin Books, 1990
Nove, Alec, and David Morrison. “The Contribution of Agriculture to Accumulation in the 1930s,” in L'industrialisation de l'URSS dans les années trente, ed. Charles Bettelheim. Paris: Éditions de l'École des hautes Études en Sciences Sociales, 1982, 47–63
Nutter, G. Warren. Growth of Industrial Production in the Soviet Union. Princeton: Princeton University Press, 1962
Preobrazhensky, E. The New Economics, trans. Brian Pearce, Oxford: Clarendon Press, 1965, (first published 1926)
, and . “The Economics of Price Scissors,” American Economic Review, 74 (1984): 125–38Google Scholar
, and . “The Economics of Price Scissors: Reply,” American Economic Review, 76 (1986): 1195–9Google Scholar
Spulber, N. Soviet Strategy for Economic Growth. Bloomington, Indiana: University Press, 1964
“An Analysis of Industrialization: Employment and Unemployment in LDCs,” Yale Economic Essays, 8 (1968): 329–492Google Scholar
“A Model of Labor Migration and Urban Unemployment in Less Developed Countries,” American Economic Review, 59 (1969): 138–48Google Scholar
“Obshestvenno-ekonomicheskii stoy kolkhoznoy derevny b 1933–1940 gg,” Istoria SSSR, 2 (1966): 44–65Google Scholar
Vainshtein, A. L. Oblozenia e Platezi Krest'yanstva. Moscow: Ekonomist, 1924
Wheatcroft, S. G. “A Reevaluation of Soviet Agricultural Production in the 1920s and 1930s,” in The Soviet Rural Economy, ed. Robert C. Stuart. Totowa, NJ: Rowman & Allanheld, 32–62
Wheatcroft, S. G. “Agriculture,” in From Tsarism to the New Economic Policy, ed. R. W. Davies. Houndmills, Basingstoke, Hampshire: MacMillan, 1990, 79–103
. “Les fluctuations des prix de détail en Union Soviétique.” Etudes et Conjunctures (1955): 329–84Google Scholar
Zaleski, Eugène. Planning for Economic Growth in the Soviet Union, 1918–1932. Chapel Hill: University of North Carolina Press, 1971
Zaleski, Eugéne, La plantification Staliennes croissance, fluctuations économiques en U.R.S.S., 1932–52. Paris: Economica, 1984