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Since the collapse of the Soviet Union, Russians have seen the ruble steadily lose ground to alternative means of payment such as barter and privately issued quasi-monies. Industry now collects as much as 70 percent of its receipts in nonmonetary form, leaving many firms with too little cash to pay salaries and taxes. In this ground-breaking book on the Russian economy, David Woodruff argues that Moscow's inability to control the nation's currency is not a carry-over from the Soviet past. Rather, the Russian government has failed to build the administrative capacity and political support demanded by monetary consolidation-a neglected but crucial aspect of capitalist statebuilding. Drawing on a vast array of empirical evidence, Woodruff shows how the widespread use of barter arose as local authorities tried to protect industry against the destructive effects of price increases and crude tax and accounting systems. As businesses fled or were driven from the money economy, provincial governments invented new ways to tax in kind and issued substitutes for the ruble. In turn, the federal authorities, unable to coerce firms either to operate in the money economy or to abandon business altogether, were forced to make accommodations to barter and to ruble alternatives. Woodruff describes the enormous fiscal difficulties that resulted and recounts the intense political battles over attempts to address the problem. Through an overview of monetary consolidation in other nations, Woodruff demonstrates that the struggles of the new Russian state have much to teach us about the political history of money worldwide. Sovereignty over money cannot, he argues, be imposed by government on a recalcitrant society. Nor can it be assumed as a by-product of disciplined policies aimed at market reform. Monetary consolidation is, at heart, a political achievement requiring political support.

POLITICAL SCIENCE / Political Economy --- BUSINESS & ECONOMICS / Finance --- Politique monetaire --- Troc --- Crises boursieres --- Tauschhandel --- Ruilhandel. --- Economische situatie. --- Monetary policy. --- Financial crises. --- Economic history. --- Barter. --- Crises financieres --- Financial crises --- Barter --- Monetary policy --- In-kind exchange --- Payment-in-kind --- Exchange --- Local exchange trading systems --- Economic conditions --- History, Economic --- Economics --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Since 1991 --- Russie --- Russland --- Russia (Federation) --- Rossīi︠a︡ --- Rossīĭskai︠a︡ Imperīi︠a︡ --- Russia (Provisional government, 1917) --- Russia (Vremennoe pravitelʹstvo, 1917) --- Ṛusastan --- Russia (Tymchasovyĭ uri︠a︡d, 1917) --- Russian Empire --- Rosja --- Russian S.F.S.R. --- Russia (Territory under White armies, 1918-1920) --- Russian Federation --- Rossiyskaya Federatsiya --- Rossiya (Federation) --- Rossii︠a︡ (Federation) --- Российская Федерация --- Rossiĭskai︠a︡ Federat︠s︡ii︠a︡ --- Російська Федерація --- Rosiĭsʹka Federat︠s︡ii︠a︡ --- Federazione della Russia --- Russische Föderation --- RF --- Federation of Russia --- Urysye Federat︠s︡ie --- Правительство России --- Pravitelʹstvo Rossii --- Правительство Российской Федерации --- Pravitelʹstvo Rossiĭskoĭ Federat︠s︡ii --- Правительство РФ --- Pravitelʹstvo RF --- Rosja (Federation) --- O-lo-ssu (Federation) --- Roshia Renpō --- Federazione russa --- OKhU --- Orosyn Kholboony Uls --- Conditions economiques --- Rußland --- Krievija --- Federazione Russa --- Großrussland --- Großrußland --- Russia --- Rossijskaja Imperija --- Empire de Russie --- Federacja Rosyjska --- Rossija --- Rossijskaja Federacija --- Russische Föderation --- Russisches Reich --- РФ --- Российская Империя --- Russische SFSR --- -1917 --- 25.12.1991 --- -Conditions economiques --- -Russian Federation --- Eluosi (Federation) --- 俄罗斯 (Federation) --- Bartergeschäft --- Handel --- Courses aux guichets --- Crises bancaires --- Crises boursières --- Débâcles boursières --- Débâcles financières --- Krachs --- Paniques bancaires --- Paniques boursières --- Paniques financières --- Bulles spéculatives --- Cycles financiers --- Krach boursier (1929) --- Krach boursier (1987) --- South Sea Company, Bulle spéculative de la (1720) --- Tulipomanie (Pays-Bas ; 1634-1637) --- Crises économiques --- Marché financier --- Échange-marchandises --- Échange non monétaire (troc) --- Échanges en nature --- Économie de troc --- Truck system --- Comptoirs --- Don et contre-don --- Échanges compensés --- Économie de subsistance --- Monnaie franche --- Systèmes d'échanges locaux --- Anthropologie économique --- Commerce --- Échange --- Flottement des monnaies --- Monnaie --- Banques centrales --- Masse monétaire --- Trésor public --- Conseils monétaires --- Assouplissement quantitatif (politique monétaire) --- Dollarisation --- Open-market --- Change --- Crédit --- Dévaluation --- Politique économique --- Law and legislation --- Political aspects --- Flottement --- Politique gouvernementale --- Politique publique --- Pravitelʹstvo RF --- Pravitelʹstvo Rossii --- Pravitelʹstvo Rossiĭskoĭ Federat︠s︡ii --- Roshia Renpō --- Rosiĭsʹka Federat︠s︡ii︠a︡ --- Rossii︠a︡ (Federation) --- Rossiĭskai︠a︡ Federat︠s︡ii︠a︡ --- Russische Föderation --- Urysye Federat︠s︡ie