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The Socialist SystemThe Political Economy of Communism$
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Janos Kornai

Print publication date: 1992

Print ISBN-13: 9780198287766

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198287763.001.0001

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Money and Price

Money and Price

(p.131) 8 Money and Price
The Socialist System

János Kornai (Contributor Webpage)

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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