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Capital Accumulation, the Soft Budget Constraint and Soviet Industrialisation.

Abstract:

The article analyses the rapid development of the Soviet economy during the first three Five Year Plans. A simulation model is used to determine the importance of three distinctive Soviet institutions/policies--the concentration of investment on heavy industry, the collectivisation of agriculture, and the use of ambitious output targets in conjunction with soft budget constraints to guide business activity. It is shown that the investment strategy and the planning system were responsible for ...

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Journal:
European Review of Economic History
Volume:
2
Publication date:
1998-01-01
URN:
uuid:fc63ad4a-ab81-4ac5-b76c-ceefe2690de6
Local pid:
oai:economics.ouls.ox.ac.uk:10716
Language:
English

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