The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Preobrazhensky, Evgenii Alexeyevich (1886–1937)

  • Michael Ellman
Reference work entry


Preobrazhensky was an Old Bolshevik and an original and perceptive Marxist theorist. His main contribution to Marxist political economy concerned the building of socialism in a predominantly agrarian country at a low level of economic development. He argued that socialist accumulation in such a country would require an initial period of original socialist accumulation. That is, economic growth on the basis of investment generated within industry would have to be preceded, in backward Russia with its limited industry, by a period of economic growth on the basis of investment resources obtained from outside the state sector.


Accumulation of capital Agriculture and economic development Law of socialist accumulation Marx’s economics New Economic Policy (NEP) (USSR) Over-accumulation Preobrazhensky, E. Socialism Stalin, J. Trotsky, L. 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Michael Ellman
    • 1
  1. 1.