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Socialist Banking

In: Collected Works of Domenico Mario Nuti, Volume I

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  • Domenico Mario Nuti

    (University of Rome)

Abstract

A moneyless socialist economy, outside the remote prospect of full communism, has been rarely suggested or practised; instances of its suggestion such as Neurath’s Naturalminschafi (1919), or its practice, such as Soviet War Communism (1918–21) at its peak or Cambodia in the early 1970s, were exceptions. Lenin had understood the importance of banks as an administrative structure; his intuition and the necessary implications of central planning are reflected in the role of money in the traditional socialist model, which took shape in the USSR at the turn of the 1930s and was fully imitated in the other central eastern European countries (see Arnold 1937; Garvy 1966; Grossman 1968; Nuti 1986).

Suggested Citation

  • Domenico Mario Nuti, 2023. "Socialist Banking," Studies in Economic Transition, in: Saul Estrin & Milica Uvalic (ed.), Collected Works of Domenico Mario Nuti, Volume I, chapter 7, pages 159-171, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-031-12334-4_7
    DOI: 10.1007/978-3-031-12334-4_7
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