- Title Pages
- Dedication
- Figures
- Tables
- Preface
- 1 The Subject and Method
- 2 The Antecedents and Prototypes of the System
- 3 Power
- 4 Ideology
- 5 Property
- 6 Coordination Mechanisms
- 7 Planning and Direct Bureaucratic Control
- 8 Money and Price
- 9 Investment and Growth
- 10 Employment and Wages
- 11 Shortage and Inflation: The Phenomena
- 12 Shortage and Inflation: The Causes
- 13 Consumption and Distribution
- 14 External Economic Relations
- 15 The Coherence of the Classical System
- 16 The Dynamics of the Changes
- 17 The “Perfection” Of Control
- 18 Political Liberalization
- 19 The Rise of the Private Sector
- 20 Self‐Management
- 21 Market Socialism
- 22 Price Reforms
- 23 Macro Tensions
- 24 Concluding Remarks
- References
- Bibliography on Postsocialist Transition
- Author Index
- Subject Index
Money and Price
Money and Price
- Chapter:
- (p.131) 8 Money and Price
- Source:
- The Socialist System
- Author(s):
János Kornai (Contributor Webpage)
- Publisher:
- Oxford University Press
This chapter addresses the financial system and prices under the socialist system. The first three sections survey the institutions of the financial system and the structure of the financial processes—banking, the state budget, and the different money‐holding sectors that control money flow. The next two sections examine the social relations expressed in those processes—soft and hard budget constraints, and income and price responsiveness. The remainder of the chapter discusses prices—administrative producer prices, administrative consumer prices, market prices, and non‐price signals.
Keywords: banking, finance, institutions, prices, socialist systems, soft versus hard budget constraint, state budget
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- Title Pages
- Dedication
- Figures
- Tables
- Preface
- 1 The Subject and Method
- 2 The Antecedents and Prototypes of the System
- 3 Power
- 4 Ideology
- 5 Property
- 6 Coordination Mechanisms
- 7 Planning and Direct Bureaucratic Control
- 8 Money and Price
- 9 Investment and Growth
- 10 Employment and Wages
- 11 Shortage and Inflation: The Phenomena
- 12 Shortage and Inflation: The Causes
- 13 Consumption and Distribution
- 14 External Economic Relations
- 15 The Coherence of the Classical System
- 16 The Dynamics of the Changes
- 17 The “Perfection” Of Control
- 18 Political Liberalization
- 19 The Rise of the Private Sector
- 20 Self‐Management
- 21 Market Socialism
- 22 Price Reforms
- 23 Macro Tensions
- 24 Concluding Remarks
- References
- Bibliography on Postsocialist Transition
- Author Index
- Subject Index
