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Banking In The Soviet Union
The Soviet Union was the first jurisdiction to implement a single-tier banking system, an experience that was subsequently emulated by a number of Communist states. Historical and ideological background The notion of a monopolistic state financial system had longstanding roots in the Russian Empire, where fiat currency had been in use for centuries and dominant public banks were established from the 18th century onwards. Following the disastrous aftermath of the Crimean War, this public banking system had to be entirely rebuilt and expanded to the private sector in the 1860s, with milestones including the establishment of the State Bank of the Russian Empire in 1861 and that of the first private-sector commercial bank in 1866. In the late 19th century, slavophile journalist S. F. Sharapov advocated the creation of a "universal bank" that would fulfil the need of an autarkic Russian economy without having to abide by the constraints of the gold standard. On the eve of the Russian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Soviet Union
The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a List of former transcontinental countries#Since 1700, transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a Federation, federal union of Republics of the Soviet Union, fifteen national republics; in practice, both Government of the Soviet Union, its government and Economy of the Soviet Union, its economy were highly Soviet-type economic planning, centralized until its final years. It was a one-party state governed by the Communist Party of the Soviet Union, with the city of Moscow serving as its capital as well as that of its largest and most populous republic: the Russian Soviet Federative Socialist Republic, Russian SFSR. Other major cities included Saint Petersburg, Leningrad (Russian SFSR), Kyiv, Kiev (Ukrainian Soviet Socialist Republic, Ukrainian SSR), Minsk (Byelorussian Soviet Socialist Republic, Byelorussian SSR), Tas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War Communism
War communism or military communism (russian: Военный коммунизм, ''Voyennyy kommunizm'') was the economic and political system that existed in Soviet Russia during the Russian Civil War from 1918 to 1921. According to Soviet historiography, the ruling Bolshevik administration adopted this policy with the goal of keeping towns (the proletarian power-base) and the Red Army stocked with food and weapons since circumstances dictated new economic measures. During the civil war, the old capitalist market-based system was unable to produce food and expand the industrial base. War communism has often been described as simple authoritarian control by the ruling and military castes to maintain power and control in the Soviet regions, rather than any coherent political ideology. War communism began in June 1918, enforced by the Supreme Economic Council (russian: Высший Совет Народного Хозяйства), known as the Vesenkha. It ended on 21 March 1921 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Finance
Trade finance is a phrase used to describe different strategies that are employed to make international trade easier. It signifies financing for trade, and it concerns both domestic and international trade transactions. A trade transaction requires a seller of goods and services as well as a buyer. Various intermediaries such as banks and financial institutions can facilitate these transactions by financing the trade. Trade finance manifest itself in the form of letters of credit (LOC), guarantees or insurance and is usually provided by intermediaries. Description While a seller (or exporter) can require the purchaser (an importer) to prepay for goods shipped, the purchaser (importer) may wish to reduce risk by requiring the seller to document the goods that have been shipped. Banks may assist by providing various forms of support. For example, the importer's bank may provide a letter of credit to the exporter (or the exporter's bank) providing for payment upon presentation of ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russian Trade Bank
The Foreign Trade Bank of the USSR (russian: Банк для внешней торговли СССР, abbreviated Внешторгбанк, Latinized Vneshtorgbank) was the monopoly state credit institution for trade finance in the Soviet Union. It was initially established in 1922 as the Russian Commercial Bank (Рускомбанк / Roskombank) and reorganized as Vneshtorgbank in 1924. In 1988, it was reorganized as the Bank for Foreign Economic Affairs of the USSR (russian: Банк внешнеэкономической деятельности СССР) or Vnesheconombank. With the dissolution of the Soviet Union, Vnesheconombank's operations in the post-Soviet states became new institutions such as in Belarus, the Bank of Estonia, Alem Bank in Kazakhstan, or Ukreximbank in Ukraine. The Russian Vnesheconombank defaulted in 1992 and, after multiple restructurings, eventually became VEB.RF. Roskombank The Russian Commercial Bank was the first foreign-trade bank establish ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Construction Bank Of The USSR
The Construction Bank of the USSR (russian: Всесоюзный банк финансирования капитальных вложений), in shorthand Stroybank (sometimes Stroibank), was a Soviet development bank that was a significant part of the Soviet banking system. Stroybank was formed in 1959 and took over the operations of several prior specialized development banks, namely Prombank (est. 1922, trade and industry), Tsekombank (est. 1925, residential construction), and Selkhozbank (est. 1932, agriculture). In 1988, it was restructured as the State Commercial Industrial and Construction Bank of the USSR (russian: Государственный коммерческий Промышленно-строительный банк СССР) or Promstroybank, with some operations spun off as the Agro-Industrial Bank (russian: Агропромышленный банк СССР or Agroprombank) and Bank of Housing, Communal Services and Social Development (russian: Банк ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Selkhozbank
The Agricultural Bank of the USSR (russian: Сельскохозяйственный банк СССР), commonly referred to as Selkhozbank (russian: Сельхозбанк), was a significant component of the Soviet banking system from its establishment in 1932 to 1959, when it was merged with Prombank and Tsekombank to form the Construction Bank of the USSR, known as Stroybank. Overview The bank was first established in 1932 as the "Bank for Financing Socialist Agriculture" (russian: Банк финансирования социалистического земледелия), and renamed as Agricultural Bank in August 1933 (full name in Russian: Банк финансирования социалистического сельского хозяйства). Like the Tsekombank in residential construction, the Selkhozbank was a mere conduit for budgetary appropriations and had no autonomy in its credit allocation. See also * Banking in the Soviet Union The Soviet Union was t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tsekombank
The Central Bank of Public Utilities and Housing Construction (russian: Центральный банк коммунального хозяйства и жилищного строительства), sometimes also referred to as Central Communal Bank' or Communal Economy Bank and commonly as Tsekombank (russian: Цекомбанк), was a significant component of the Soviet banking system from its establishment in 1925 to 1959, when it was merged with Prombank and Selkhozbank to form the Construction Bank of the USSR, known as Stroybank. Overview The Tsekombank was established on as a joint-stock company. It operated mainly through local municipal banks, even though it also had offices of its own in Siberia and Ukraine. Like the Selkhozbank in agriculture, the Tsekombank was a mere conduit for budgetary appropriations and had no autonomy in its credit allocation. The 1936 Constitution of the Soviet Union resulted in further centralization of housing construction financing at t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Labor Savings Banks System Of The USSR
The system of State Labor Savings Banks of the USSR (russian: Государственные трудовые сберегательные кассы СССР, shorthand ''Gostrudsberkassy'') was the main retail bank of the Soviet Union, which in some respects perpetuated the prior operations of savings banks or ''Sberkassy'' in the Russian Empire. Unlike before the revolution of in other countries, however, the Soviet savings banks were not autonomous entities but were fully part of the state administration. In 1987, the system was renamed the Savings Bank of the USSR (russian: Сберегательный банк СССР), abbreviated as Sberbank. Following the dissolution of the Soviet Union, its operations were reorganized into new institutions in the post-Soviet states, such as Belarusbank in Belarus, Eesti Hoiupank in Estonia, Halyk Bank in Kazakhstan, Latvijas Krājbanka in Latvia, Lietuvõs Taũpomasis Bánkas in Lithuania, in Moldova, Sberbank in Russia, and Oschadba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Economic Policy
The New Economic Policy (NEP) () was an economic policy of the Soviet Union proposed by Vladimir Lenin in 1921 as a temporary expedient. Lenin characterized the NEP in 1922 as an economic system that would include "a free market and capitalism, both subject to state control", while socialized state enterprises would operate on "a profit basis". The NEP represented a more market-oriented economic policy (deemed necessary after the Russian Civil War of 1918 to 1922) to foster the economy of the country, which had suffered severely since 1915. The Soviet authorities partially revoked the complete nationalization of industry (established during the period of war communism of 1918 to 1921) and introduced a mixed economy which allowed private individuals to own small and medium sized enterprises, while the state continued to control large industries, banks and foreign trade. In addition, the NEP abolished '' prodrazvyorstka'' (forced grain-requisition) and introduced '' prodnalog' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Bank Of The USSR
Gosbank (russian: Госбанк, Государственный банк СССР, ''Gosudarstvenny bank SSSR''—the State Bank of the USSR) was the central bank of the Soviet Union and the only bank in the entire country from 1922 to 1991. Gosbank was one of the three Soviet economic authorities, the other two being "Gosplan" (the State Planning Committee) and "Gossnab" (the State Committee for Material Technical Supply). The Gosbank closely collaborated with the Ministry of Finance (Soviet Union), Soviet Ministry of Finance to prepare the national state budget. Foundation The foundation of the bank was part of the implementation of the New Economic Policy. On 3 October 1921, the All-Russian Central Executive Committee (VTsIK), passed a resolution for the founding of the State Bank of the Russian Soviet Federative Socialist Republic. This was followed by a similar resolution passed by Sovnarkom on 10 October 1921. It began operations on 16 November 1921. In February 192 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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