Development and Underdevelopment in the History of Economic Thought

The influence of the ideas of Menger and Struve on the discussion on monetary reform in the USSR 1922-24

Kavaliou Aliaksandr, Belarusian National Technical University

Monetary reform in the USSR is a vivid example of the use of the concept of trust in the process of implementing stable paper currency. The discussion on reform tools was based on the ideas of the inner and outer value of money developed in the concepts of money by Menger and Struve. At the same time, Menger's ideas about determining the amount of money in circulation under conditions of uncertainty of the need for money turnover were also used during the reform in Austria-Hungary in 1892. The aim of the paper is to compare these two episodes in economic history.


Keywords: Theory of money, Menger, Struve, monetary reform