Karl Marx, who lived in the middle of the XIX century, he described the modern banking system as "the most skillful and perfect creation, which generally results in the capitalist mode of production."Soviet banking system was too clever in his own way and was no less than perfect.Although significantly different from the banking system of more or less free market.

Features of the Soviet banking system

banking system of the Soviet Union consisted of regional and specialized agencies of the State Bank of the USSR, all non-cash payments and payments between them carried out with the help of interbranch turns.The movement of the means of payment to make transfers from one account to another on the "memorial order" (a cross between a money order and payment requirement) or set-off of mutual claims (modern clearing). Soviet academician Glushkov dr
afted a collection of economic data from around the country and the management of the economy of the USSR with the help of computers (kiberekonomika).But to become a reality this great idea of ​​Perestroika prevented.

Soviet enterprises and institutions had in his hand the cash within a pre-established limits, and could also use the money from the proceeds within certain limits set annually by the State Bank of the USSR with the participation of heads of organizations.The size and direction of the target amount of cash from the State Bank or withdrawal of cash from circulation reviewed quarterly.In drawing up the plans for the establishment of the State Bank of cash were required to carefully analyze the results from the realization plan into practice and on the basis of this analysis to develop proposals to ensure the right balance between income and expenditure, a reduction in the issuance of new money or an increase in the volume of money withdrawn from circulation.

population worked directly with Sberbank (still fully state-owned bank), being probably the most reliable in the world, as all operations and the safety of deposits guaranteed by the Soviet state.

These and other features would mean that the inflation rate in the Soviet Union was extremely low.And in practice it came out really well.In addition (and even under the strict supervision of the Soviet internal affairs bodies) such a scheme is virtually ruled out the introduction (or maybe even short existence) at least some crime in the banking sector.

Considered feature provides high stability and also quite efficient allocation of resources by industries.


The disadvantages of the banking system of the USSR is the fact that its efficiency is directly dependent on the efficiency of the Soviet leaders to run the country.When Lenin, Stalin, Brezhnev, Andropov, it works best.

the whole Soviet banking system can be called efficient enough.Note also that it helps achieve the goal of non-market and planned economy.Because imputed to cope with the tasks very good way.The banking system has been very reliable, both financially and economically.Immunity from the implementation of its criminal elements was also at altitude.Analogues of such Soviet banking system does not exist today.However, if it is to revive, then the market economy and the financial markets in our country there is nothing left.Good or bad - the theme has a separate article.