It is a pleasure to introduce Dr. Kusehpeta's study of the USSR banking and eredit system with some measure of enthusiasm, for the subjeet is one about which there is, as yet, not mueh literature available in the Western European languages and this study approaehes the subjeet from the view-point of sourees taken from within the Soviet Union itself. No matter how revolutionary the ehange, some ties with the past still remain and it is for this reason that the author has paid initial attention to the banking system of the Tsars and proceeds to de al with the development of the banking system sine e the Revolution of 1917. While history has made the Communist Civil War, the New Eeonomie Poliey and the Khrushehev reforms to be familiar to us, the effeets of these events on the banking and monetary system have, thus far, never been fully researched. Next, the author deals extensively with the existing banking- and eredit system. This subjeet is not easy to understand, beeause we are obliged to beeome familiar with totally different eoeepts than those governing the mixed eeonomic system of the Western World. I, personally , am struek by the sharp separation between the eurreney and the 'deposit' or 'transfer' mone y cireulation.

Table of Contents:
1. Definition of the problem and introductory remarks.- 1.1. Definition of the problem.- 1.2. Marxist doctrine and the October Revolution.- 1.3. Three sources of basic doctrine underlying Soviet Socialist society.- 1.4. Basic characteristics of the Soviet economic system.- 1.5. Monetary function in the economic system.- 2. The development and final state of the banking system in Russia under the Tsars.- 2.1. Introduction.- 2.2. The reform of 1861 - the birth of the modern system.- 2.3. The development of the private banks.- 2.4. Agricultural banks and other credit institutions after the reform of 1861.- 2.5. The banking system after the reform of 1895–1897.- 2.6. General characteristics of the banking system prior to the October Revolution.- 3. The birth of the banking and credit system of the USSR.- 3.1. Introduction.- 3.2. The merging of all banks into one large clearing centre.- 3.3. Money and credit during the civil war period.- 3.4. The influence of the New Economic Policy (N.E.P.) on the revival of the banks.- 3.5. The monetary reform of 1922-1924.- 3.6. The banking system during the first N.E.P. period.- 3.7. The second N.E.P. period: Adaptation of the banking system to the planned economy.- 3.8. The reform of the credit system and the completion of the organization of the banks under Stalin 1930–1932.- 3.9. The monetary reform of 1947 and other measures to stabilize the ruble.- 3.10. The modifications of the banking system under Khrushchev.- 3.11. Conclusion.- 4. The current credit and banking system of the USSR and its functions.- 4.1. Introduction.- 4.2. The effect of the economic reforms of Kosygin on the banking and credit system.- 4.3. The credit institutions.- 4.4. The Gosbank, payments and clearing.- 4.5. Short-term banking credit.- 4.6. Long-termbanking credit.- 4.7. State loans.- 4.8. The other forms of credit.- 4.9. The Soviet banks and the Comecon banks.- 4.10. Conclusion.- 5. The banking and credit system and the general economic system.- 5.1. Introduction.- 5.2. The economy and State organization of the USSR.- 5.3. A short sketch of the institutional structure of the Soviet economy and the position of the banks therein.- 5.4. The position of the USSR enterprises in the current economic system.- 5.5. The organization of Soviet industrial management after 1975.- 5.6. General characteristics of Soviet State finances/116.- 5.7. The financing of enterprises.- 5.8. The organizational structure of the Soviet finances and the inter-relationships of their components.- 5.9. The banking and credit system in the Soviet finances.- 5.10. Recapitulation and conclusions.- 6. The role of the banks in the planned management of the Soviet economy.- 6.1. Introduction.- 6.2. Centralized planning and the role of the banks.- 6.3. The relationships between credit plans, cash plan and the financial plan.- 6.4. The credit plans.- 6.5. The planning of the monetary circulation (cash flow).- 6.6. The supervisory tasks of the Soviet banks.- 6.7. The bank interest.- 6.8. Soviet currency and the international economic relations of the USSR.- 6.9. Recapitulation.- 7. Critical closing considerations.- 7.1. Introduction.- 7.2. The genesis of the Soviet banking and credit system.- 7.3. Money and the socialist economy of the Soviet type.- 7.4. The economic order of the USSR and the banking and credit system.- 7.5. Theory and practice.- 7.6. Concluding paragraph.- Summary.