During Socialist transition some workers were in more mechanised workplaces than others, some less rationally organised or working with less up to date equipment etc. So the same product(s) produced from different locations could not at this time be directly exchanged with other products solely on the basis of the number of hours worked.
How to run industry and finance without capitalism was one of the things the Bolsheviks learned how to do in the Soviet Union after the October Revolution – and we can learn something from studying how they did it.
7 February 2015
A fascinating book studies the respective roles of the state and private enterprise in innovation. It challenges the false image that businesses are an innovative force while the state is not, and shows the opposite is closer to the truth.
The 1930s saw mass unemployment sweep across the world – though not in the Soviet Union, which planned its economy and took the concepts of credit and finance seriously...
The history of capital since the Industrial Revolution shows that increasingly it is sucked into the realm of financial speculation.
