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Capital accumulation, the soft budget constraint and Soviet industrialisation

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  • Allen, Robert C.

Abstract

The article analyses the rapid development of the Soviet economy during the first three Five Year Plans. A simulation model is used to determine the importance of three distinctive Soviet institutions/policies – the concentration of investment on heavy industry, the collectivisation of agriculture, and the use of ambitious output targets in conjunction with soft budget constraints to guide business activity. It is shown that the investment strategy and the planning system were responsible for rapid industrialisation, including a significant rise in the standard of living. Collectivisation did increase the rate of growth over the 1930s but by only a small amount.

Suggested Citation

  • Allen, Robert C., 1998. "Capital accumulation, the soft budget constraint and Soviet industrialisation," European Review of Economic History, Cambridge University Press, vol. 2(1), pages 1-24, April.
    • Handle: RePEc:cup:ereveh:v:2:y:1998:i:01:p:1-24_00
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    Cited by:

    1. Vonyo, Tamas & Klein, Alexander, 2016. "Why Did Socialism Fail? The Role of Factor Inputs Reconsidered," CAGE Online Working Paper Series 276, Competitive Advantage in the Global Economy (CAGE).
    2. Tamás Vonyó & Alexander Klein, 2019. "Why did socialist economies fail? The role of factor inputs reconsidered," Economic History Review, Economic History Society, vol. 72(1), pages 317-345, February.
    3. Jaworski, Taylor, 2020. "Specification and structure in economic history," Explorations in Economic History, Elsevier, vol. 77(C).
    4. Christian Ochsner, 2023. "Hostility, Population Sorting, and Backwardness: Quasi-Experimental Evidence from the Red Army after WWII," CERGE-EI Working Papers wp768, The Center for Economic Research and Graduate Education - Economics Institute, Prague.

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