Monetary reform in the Soviet Union, 1922–24
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The 1922–1924 monetary reform of the Soviet Union was a set of monetary policies which was implemented in the Soviet Union as a part of the Soviet government’s New Economic Policy. The principal objectives of the reform included stopping the effects of hyperinflation, establishing a unified medium of exchange and the creation of a more-independent central bank.[1]
Location | Soviet Union |
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Type | Monetary policy |
Cause | |
Organized by | Premier Vladimir Lenin |
Outcome |
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According to economic data recorded in the archives of the Soviet Union[2] and the Russian Federation, results of the reform were mixed; some modern-day economists call the new policies a successful transition towards state capitalism, but others describe them as problematic and failing to uphold the targets laid out in its original blueprint.[3] Economists such as John Maynard Keynes categorize the reform as an aggregation of short-term monetary expansion experiments which defined Soviet monetary and fiscal policies, where the state played an active role in dictating economic growth.[4]