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The Politburo on gold, industrialization, and the international economy, 1925-1926

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Based on newly available Politburo transcripts, this essay analyzes Bolshevik policy on inflation, the gold standard, and international trade in 1925-1926. During this period, an ambitious push for industrial expansion required imports, while rising procurement prices for grain complicated exports. The result was a severe shortage of gold, which became the focal issue of the Politburo's debates on economic policymaking. Although the gold crisis was addressed through macroeconomic restriction, in the advocacy of which several Politburo members displayed sophisticated economic reasoning, it also gave rise to a number of microeconomic restrictions that foreshadow the policies that ended NEP later in the decade. Thus, the Politburo debates underscore the extreme fragility of the NEP model as early as 1925-1926.

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en

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http://eprints.lse.ac.uk/32786/

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