FAST FIVE: Inflation: The Soviet Tool For Destroying Money
When the Bolsheviks took power, there were less than 20 billion rubles in circulation.
The only limitation to the regime's ability to print even faster was the need for ink and paper.
This is the backdrop in which Ludwig von Mises wrote his groundbreaking essay “Economic Calculation in the Socialist Commonwealth,” with Socialism -his second major work-following shortly thereafter.
In 1925, Nikolai Bukharin wrote: Although bourgeois critics of the policy of the proletarian dictatorship in Russia have offered mainly nonsense and foolishness, some of their comments were not so stupid and contained a relative truth.
One of the most learned critics of communism, the Austrian Professor Mises, presented the following propositions in a book on socialism written in 1921-22.