Business Cycles Volume N . 1

Business Cycles Volume N . 1

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...in order to increase the subscription to a lottery loan it is now floating. Compulsion is being applied to the " owning " classes of the population. In the case of Government contractors, for instance, it takes the form of payment of 15 per cent, of the sums due to them in bonds of the loan. The expediency of borrowing, as a means of reducing inflation, under the conditions now prevailing in Russia, is, however, a matter of serious doubt. Industry and trade being extremely short of working capital, as is seen from numerous articles in the Press containing complaints on this score, borrowing is more likely--especially if it is made compulsory, as is actually the case--to aggravate than to reduce inflation. The 15 per cent, the Government is now withholding from the contractor, for instance, in the form of a loan, it will have to pay to him, all the same, a few days hence through a bank with which the bonds will be lodged as security for an advance. Inflation will continue, though hidden under the delusive cloak of "real demand for currency on the part of the market." Besides, borrowing is essentially a palliative, which is very effective in coping with temporary financial difficulties. It is no remedy against serious disorders in the economic and financial system and is more likely to aggravate than to improve them. It is evidently no use to combat the symptoms, instead of tackling seriously the actual source of the trouble, which it is not difficult to find. A study of the Budgets of the Soviet Government cannot fail to disclose the principal cause to which deficits are due. This cause is to be found in the nationalised industries, which are a standing charge on the Budget. In the course of the last financial year, October...show more

Product details

  • Paperback | 130 pages
  • 189 x 246 x 7mm | 245g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236498534
  • 9781236498533