Money unmade : barter and the fate of Russian capitalism / David Woodruff.

Format:

Book

Author/Creator:

Woodruff, David, 1940-

Language:

English

Subjects (All):

Monetary policy--Russia (Federation).

Monetary policy.

Russia (Federation).

Barter--Russia (Federation).

Barter.

Financial crises--Russia (Federation).

Financial crises.

Russia (Federation)--Economic conditions--1991-.

Economic conditions.

Physical Description:

xvii, 228 pages : illustrations ; 24 cm

Place of Publication:

Ithaca, N.Y. : Cornell University Press, 1999.

Summary:

Since the collapse of the Soviet Union, Russians have seen the ruble steadily lose ground to alternative means of payment such as barter and privately issued quasi monies. Industry now collects as much as 70 percent of its receipts in nonmonetary form, leaving many firms with too little cash to pay salaries and taxes. In this groundbreaking book on the Russian economy, David Woodruff argues that Moscow's inability to control the nation's currency is not a carryover from the Soviet past. Rather, the Russian government has failed to build the administrative capacity and political support demanded by monetary consolidation--a neglected but crucial aspect of capitalist state building.

Drawing on a vast array of empirical evidence, Woodruff shows how the widespread use of barter arose as local authorities tried to protect industry against the destructive effects of price increases and crude tax and accounting systems. As businesses fled or were driven from the money economy, provincial governments invented new ways to tax in kind and issued substitutes for the ruble. In turn, the federal authorities, unable to coerce firms either to operate in the money economy or to abandon business altogether, were forced to make accommodations to barter and to ruble alternatives. Woodruff describes the enormous fiscal difficulties that resulted and recounts the intense political battles over attempts to address the problem.

Through an overview of monetary consolidation in other nations, Woodruff demonstrates that the struggles of the new Russian state have much to teach us about the political history of money worldwide. Sovereignty over money cannot, he argues, be imposed by government on a recalcitrant society. Nor can it be assumed as a by-product of disciplined policies aimed at market reform. Monetary consolidation is, at heart, a political achievement requiring political support.

Contents:

Figures and Tables ix

Note on Transliteration xvii

Introduction. Making Money 1

1 Making Money Multiple, 1924-1933 21

2 Things Come Apart, 1987-1991 56

3 Bender's Revenge, 1992-1993 79

4 Money Unmade, 1993-1994 110

5 Monies Multiply, 1994-1996 146

6 The Politics of Monetary Consolidation, 1996-1998 177

Epilogue. Russian Monetary Consolidation in Comparative Perspective 203

Appendix 1 Internet Sources 219.

Notes:

Includes bibliographical references and index.

ISBN:

0801436605

OCLC:

40954105