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As you can see, the exponential increase in spending starting from 1929 coming out of NEP, under the Stalin’s first Five-Year Plan, created the conditions that allowed for the unprecedented growth of the USSR economy.
Please tell me how a government has to spend within its means and tax billionaires in order to lift millions out of poverty into a space-faring nation. The Soviet economy was more or less devastated after the Civil War, who else were they taxing? How else could the USSR win an industrial and military war against Nazi Germany if it had to spend within its means?
With this example, I suppose the video is not necessarily right, but Hudson is still unMarxist and seems to over-complicate things without getting to the roots of labor theory of value and so on.
Bonus material:
Figure: Average monthly volume of money in circulation in the USSR in various years (trillion rubles)
Source: Central Bank of Russia
As you can see, the exponential increase in spending starting from 1929 coming out of NEP, under the Stalin’s first Five-Year Plan, created the conditions that allowed for the unprecedented growth of the USSR economy.
Please tell me how a government has to spend within its means and tax billionaires in order to lift millions out of poverty into a space-faring nation. The Soviet economy was more or less devastated after the Civil War, who else were they taxing? How else could the USSR win an industrial and military war against Nazi Germany if it had to spend within its means?
With this example, I suppose the video is not necessarily right, but Hudson is still unMarxist and seems to over-complicate things without getting to the roots of labor theory of value and so on.