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).
Published in Peter Newman, Murrey Milgate and John Eatwell (Eds.), The New Palgrave Dictionary of Money and Finance, Vol 3, The Macmillan Press and Stockton Press, London and New York, 1993, pp. 474–479.
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Nuti, D.M. (2023). Socialist Banking. In: Estrin, S., Uvalic, M. (eds) Collected Works of Domenico Mario Nuti, Volume I . Studies in Economic Transition. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-12334-4_7
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