The New Economic Mechanism and Credit Reform

Abstract

The economic mechanism in which the macro - and microeconomy are for the most part managed by centralized administrative methods minimized the functions of the bank. The radical economic reform currently under way is dramatically raising the bank's role. The demand is to create a banking system that would serve socialism under the conditions of the all-out functioning of commodity-monetary relations and that would secure the regulatory role of the law of value in its application to the qualitative features and advantages of the first phase of the communist formation in its sphere.