New Books In Economics

In spite of Karl Marx's proclamation that money would become obsolete under Communism, the ruble remained a key feature of Soviet life. In fact, although Western economists typically concluded that money ultimately played a limited role in the Soviet Union, Kristy Ironside argues that money was both more important and more powerful than most histories have recognized. After the Second World War, money was resurrected as an essential tool of Soviet governance. Certainly, its importance was not lost on Soviet leaders, despite official Communist Party dogma. Money, Ironside demonstrates, mediated the relationship between the Soviet state and its citizens and was at the center of both the government's and the people's visions for the maturing Communist project. A strong ruble--one that held real value in workers' hands and served as an effective labor incentive--was seen as essential to the economic growth that would rebuild society and realize Communism's promised future of abundance. In A Full-Value Ruble: The