(1) The Russian Financial System (2) The Clash of Progress and Security

Abstract

(1) AS might be expected, the Russian financial system is very different from that of other countries, since the U.S.S.R. is virtually a closed economy and there are none of the semiautomatic adjustments which come about in other countries, through gold movements or through foreign exchange variations. Moreover, through its control of industry, the State is able to use the monetary system as an instrument for obtaining results which can only be achieved, if at all, in other countries, through taxation. Foreign trade is a State monopoly, and the State Bank has the sole right to deal in foreign exchange. Some foreign exchange business, however, is carried out in illegal channels through the ‘black bourse’, and there a more favourable rate of exchange than the official rate can be obtained for foreign currency.

(1) The Russian Financial System

By W. B. Reddaway. Pp. x + 106. (London: Macmillan and Co., Ltd., 1935.) 5s. net.

(2) The Clash of Progress and Security

By Prof. Allan G. B. Fisher. Pp. xiii + 234. (London: Macmillan and Co., Ltd., 1935.) 8s. 6d. net.