The Politburo on Gold, Industrialization, and the International Economy, 1925–1926
The Politburo on Gold, Industrialization, and the International Economy, 1925–1926
This chapter analyzes three sets of Soviet Politburo transcripts from October 26 and November 2, 1925, and February 22, 1926 that focus on macroeconomic policies. It explains that during these meetings, People's Commissar of Finance Grigory Sokol'nikov proposed a combination of import restrictions and tight monetary policy to ensure a favorable trade balance and increase the supply of gold. The chapter also suggests that macroeconomic policy making devolved too easily into discussions of penalizing the microeconomic behavior of specific groups and classes.
Keywords: Politburo transcripts, macroeconomic policies, Grigory Sokol'nikov, import restrictions, monetary policy, trade balance, supply of gold, microeconomic behavior
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