Prices in the Politburo, 1927: Market Equilibrium versus the Use of Force
Prices in the Politburo, 1927: Market Equilibrium versus the Use of Force
This chapter analyzes the transcript of the January 2, 1927 Politburo meeting that focused on the setting of prices, and explains that discussion revolved around the so-called scissor crisis, which involved relatively high industrial prices that inhibited the production of agricultural goods and the grain supply. It also describes how Joseph Stalin sought microeconomic solutions to macroeconomic problems by attacking the ability of the cooperatives and trading agencies to resist price controls.
Keywords: Politburo meeting, setting of prices, scissor crisis, agricultural goods, grain supply, Joseph Stalin, microeconomic solutions, macroeconomic problems, price controls, cooperatives
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