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Hyperinflation In Early Soviet Russia
Hyperinflation in early Soviet Russia connotes a seven-year period of uncontrollable spiraling inflation in the early Soviet Union, running from the earliest days of the Bolshevik Revolution in November 1917 to the reestablishment of the gold standard with the introduction of the chervonets as part of the New Economic Policy. The inflationary crisis effectively ended in March 1924 with the introduction of the so-called "gold ruble" as the country's standard currency. The early Soviet hyperinflationary period was marked by three successive redenominations of its currency, in which "new rubles" replaced old at the rates of 10,000-to-1 (January 1, 1922), 100-to-1 (January 1, 1923), and 50,000-to-1 (March 7, 1924), respectively. History Overview After three years of participation in World War I, the economy of the Russian empire was in crisis. In March 1917 the so-called February Revolution overthrew the regime of Tsar Nikolai II, which was replaced with a provisional governmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chervonetz 1922
Chervonets is the traditional Russian name for large foreign and domestic gold coins. The name comes from the Russian term червонное золото (''chervonnoye zoloto''), meaning 'red gold' (also known as rose gold)the old name of a high-grade gold type. Originally, this gold coin was identical to the gold ducat of 3.5 grams, 98.6% fine gold. The first known chervonets of Russian coinage was the Ugric gold; it was created in the 15th century under Ivan III. Sometimes, chervonets were considered any large gold coin, including imperial and semi-imperial coins. Since the beginning of the 20th century, banknotes were often referred to as chervonets with the value of ten units (for example, rubles, hryvnia, euro, etc.). This is due to the initiation of the Russian Soviet Federative Socialist Republic during the monetary reform of 1922–1924 banknotes, or chervonets. They were provided with the same amount of gold that was contained in a coin of 10 rubles during the reign of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vladimir Lenin
Vladimir Ilyich Ulyanov ( 187021 January 1924), better known as Vladimir Lenin, was a Russian revolutionary, politician and political theorist. He was the first head of government of Soviet Russia from 1917 until Death and state funeral of Vladimir Lenin, his death in 1924, and of the Soviet Union from 1922 until his death. As the founder and leader of the Bolsheviks, Lenin led the October Revolution which established the world's first socialist state. His government won the Russian Civil War and created a one-party state under the Communist Party of the Soviet Union, Communist Party. Ideologically a Marxist, his developments to the ideology are called Leninism. Born into a middle-class family in Simbirsk in the Russian Empire, Lenin embraced revolutionary socialist politics after Aleksandr Ulyanov, his brother was executed in 1887 for plotting to assassinate Alexander III of Russia, the tsar. He was expelled from Kazan Imperial University for participating in student prote ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxism
Marxism is a political philosophy and method of socioeconomic analysis. It uses a dialectical and materialist interpretation of historical development, better known as historical materialism, to analyse class relations, social conflict, and social transformation. Marxism originates from the works of 19th-century German philosophers Karl Marx and Friedrich Engels. Marxism has developed over time into various branches and schools of thought, and as a result, there is no single, definitive " Marxist theory". Marxism has had a profound effect in shaping the modern world, with various left-wing and far-left political movements taking inspiration from it in varying local contexts. In addition to the various schools of thought, which emphasize or modify elements of classical Marxism, several Marxian concepts have been incorporated into an array of social theories. This has led to widely varying conclusions. Alongside Marx's critique of political economy, the defining cha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Class
A social class or social stratum is a grouping of people into a set of Dominance hierarchy, hierarchical social categories, the most common being the working class and the Bourgeoisie, capitalist class. Membership of a social class can for example be dependent on education, wealth, occupation, income, and belonging to a particular subculture or social network. Class is a subject of analysis for sociologists, political scientists, anthropologists and Social history, social historians. The term has a wide range of sometimes conflicting meanings, and there is no broad consensus on a definition of class. Some people argue that due to social mobility, class boundaries do not exist. In common parlance, the term social class is usually synonymous with Socioeconomic status, socioeconomic class, defined as "people having the same social, economic, cultural, political or educational status", e.g. the working class, "an emerging professional class" etc. However, academics distinguish socia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prodrazverstka
''Prodrazverstka'', also transliterated ''prodrazvyorstka'' ( rus, продразвёрстка, p=prədrɐˈzvʲɵrstkə, short for , ), alternatively referred to in English as grain requisitioning, was a policy and campaign of confiscation of grain and other agricultural products from peasants at nominal fixed prices according to specified quotas (the noun ''razverstka,'' , and the verb ''razverstat'', refer to the partition of the requested total amount as obligations from the suppliers). The term is commonly associated with war communism during the Russian Civil War when it was introduced by the Bolshevik government. However, the Bolsheviks borrowed the idea from the grain ''razverstka'' introduced in the Russian Empire in 1916 during World War I. World War I grain razverstka 1916 saw a food crisis in the Russian Empire. While the harvest was good in Lower Volga Region and Western Siberia, its transportation by railroads collapsed. Additionally, the food market was in dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nationalization
Nationalization (nationalisation in British English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization (or deprivatization). Industries often subject to nationalization include telecommunications, electric power, fossil fuels, railways, airlines, iron ore, media, postal services, banks, and water (sometimes called the commanding heights of the economy), and in many jurisdictions such entities have no history of private ownership. Nationalization may occur with or without financial compensation to the former owners. Nationalization is distinguished from property redistribution in that the government retains control of nationalized pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rationing
Rationing is the controlled distribution (marketing), distribution of scarcity, scarce resources, goods, services, or an artificial restriction of demand. Rationing controls the size of the ration, which is one's allowed portion of the resources being distributed on a particular day or at a particular time. There are many forms of rationing, although rationing by price is most prevalent. Rationing is often done to keep price below the market clearing, market-clearing price determined by the process of supply and demand in an free market, unfettered market. Thus, rationing can be complementary to incomes policies, price controls. An example of rationing in the face of rising prices took place in the various countries where there was rationing of gasoline during the 1973 energy crisis. A reason for setting the price lower than would clear the market may be that there is a high input , which would drive the market price very high. High prices, especially in the case of necessitie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
In Kind
The term in kind (or in-kind) generally refers to goods, services, and transactions not involving money or not measured in monetary terms. It is a part of many spheres, mainly economics, finance, but also politics, work career, food, health and others. There are many different types of in kind actions throughout the mentioned branches, which can be identified and distinguished. In-kind contributions An in-kind contribution is a non-cash contribution of goods or a service. Those are either offered free or at less than usual charge for them. Similarly, when a person or entity pays for services on the committee’s behalf, the payment is also considered as an in-kind contribution. In-kind services and contributions are valued at their fair market value or at their actual cost. In other words, they are valued at what you would pay for them if they were not donated. There are two types of receivers of in-kind contributions: individuals and companies. For individuals, the provider of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Working Class
The working class is a subset of employees who are compensated with wage or salary-based contracts, whose exact membership varies from definition to definition. Members of the working class rely primarily upon earnings from wage labour. Most common definitions of "working class" in use in the United States limit its membership to workers who hold blue-collar and pink-collar jobs, or whose income is insufficiently high to place them in the middle class, or both. However, socialists define "working class" to include all workers who fall into the category of requiring income from wage labour to subsist; thus, this definition can include almost all of the working population of industrialized economies. Definitions As with many terms describing social class, ''working class'' is defined and used in different ways. One definition used by many socialists is that the working class includes all those who have nothing to sell but their labour, a group otherwise referred to as the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paper Money
Paper money, often referred to as a note or a bill (North American English), is a type of negotiable promissory note that is payable to the bearer on demand, making it a form of currency. The main types of paper money are government notes, which are directly issued by political authorities, and banknotes issued by banks, namely banks of issue including central banks. In some cases, paper money may be issued by other entities than governments or banks, for example merchants in pre-modern China and Japan. "Banknote" is often used synonymously for paper money, not least by collectors, but in a narrow sense banknotes are only the subset of paper money that is issued by banks. Paper money is often, but not always, legal tender, meaning that courts of law are required to recognize them as satisfactory payment of money debts. Counterfeiting, including the forgery of paper money, is an inherent challenge. It is countered by anticounterfeiting measures in the printing of paper money. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barter
In trade, barter (derived from ''bareter'') is a system of exchange (economics), exchange in which participants in a financial transaction, transaction directly exchange good (economics), goods or service (economics), services for other goods or services without using a medium of exchange, such as money. Economists usually distinguish barter from gift economy, gift economies in many ways; barter, for example, features immediate reciprocity (cultural anthropology), reciprocal exchange, not one delayed in time. Barter usually takes place on a bilateral trade, bilateral basis, but may be multilateral exchange, multilateral (if it is mediated through a trade exchange). In most developed countries, barter usually exists parallel to monetary systems only to a very limited extent. Market actors use barter as a replacement for money as the method of exchange in times of monetary crisis, such as when currency becomes unstable (such as hyperinflation or a Deflation#Deflationary spiral, de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
