{"title":"Modern Monetary Theory: The Bolshevik experiment","authors":"Nikolay Nenovsky, Kevin Dowd","doi":"10.1111/ecaf.70028","DOIUrl":null,"url":null,"abstract":"<p>In this article we present the monetary theory, known as the ‘Theory of the Emission Economy’, most fully formulated over a century ago by the Russian economist S. A. Falkner (1890–1938). It is strikingly reminiscent of Modern Monetary Theory. The Theory of the Emission Economy was put into practice soon after the October 1917 Bolshevik Revolution and ended in an inflationary catastrophe. Lenin himself, who at first shared its basic ideas, was eventually forced to support a monetary stabilisation based on the introduction of gold coins, the chervonets, that was completed in early 1924, and which ultimately resolved the monetary crisis along conventional monetary lines. This disastrous Bolshevik monetary experiment stands as a clear warning to modern MMT advocates who seek to implement it in a contemporary setting.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"76-98"},"PeriodicalIF":1.0000,"publicationDate":"2026-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ECONOMIC AFFAIRS","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ecaf.70028","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
In this article we present the monetary theory, known as the ‘Theory of the Emission Economy’, most fully formulated over a century ago by the Russian economist S. A. Falkner (1890–1938). It is strikingly reminiscent of Modern Monetary Theory. The Theory of the Emission Economy was put into practice soon after the October 1917 Bolshevik Revolution and ended in an inflationary catastrophe. Lenin himself, who at first shared its basic ideas, was eventually forced to support a monetary stabilisation based on the introduction of gold coins, the chervonets, that was completed in early 1924, and which ultimately resolved the monetary crisis along conventional monetary lines. This disastrous Bolshevik monetary experiment stands as a clear warning to modern MMT advocates who seek to implement it in a contemporary setting.
期刊介绍：
Economic Affairs is a journal for those interested in the application of economic principles to practical affairs. It aims to stimulate debate on economic and social problems by asking its authors, while analysing complex issues, to make their analysis and conclusions accessible to a wide audience. Each issue has a theme on which the main articles focus, providing a succinct and up-to-date review of a particular field of applied economics. Themes in 2008 included: New Perspectives on the Economics and Politics of Ageing, Housing for the Poor: the Role of Government, The Economic Analysis of Institutions, and Healthcare: State Failure. Academics are also invited to submit additional articles on subjects related to the coverage of the journal. There is section of double blind refereed articles and a section for shorter pieces that are reviewed by our Editorial Board (Economic Viewpoints). Please contact the editor for full submission details for both sections.
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