Chapter

Money and Price

János Kornai

in The Socialist System

Published in print May 1992 | ISBN: 9780198287766
Published online November 2003 | e-ISBN: 9780191596551 | DOI: http://dx.doi.org/10.1093/0198287763.003.0008

Series: Clarendon Paperbacks

 Money and Price

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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

Chapter.  12300 words. 

Subjects: Economic Systems

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