яндекс яндекс яндекс яндексIn the sphere of international credit relations (primarily in relations with the “third world”), the conceptual features of domestic lending were manifested primarily in the devaluation of the role of loan interest in credit cooperation, in the exclusion from the strategic line of the possibility of investing Soviet financial resources abroad. Percentage was given the role of not even a stimulator of the efficient use of loans, but a guarantor from the redistribution of funds received by the “third world” from socialist states in favor of the West through the mechanism of the capitalist market. The task of ensuring not only repayment, but also an increase in the loan fund in this area of credit relations was relegated to the background. Credit itself was considered to the advantage as a means of expanding production cooperation, simultaneously fulfilling the function of expanding trade both in export (in the case of a supplier’s loan) and in import (since the possibility of repaying loans from socialist countries by commodity deliveries became one of the basic elements of an external lending strategy and was interpreted as one of the main advantages of this strategy).
The principle of special purpose loans was also extrapolated to foreign economic relations (as one of the principles reflecting the essence of socialist credit). At the same time, foreign economic relations of the USSR were carried out (this was recognized scientifically sound in theory) under the monopoly position of the system: “The State Bank (which, as the central bank of the country, carries out cash execution of the state budget, including in foreign currency) – Vneshtorgbank” and the “MVT – GKES ”, which conducted real foreign trade operations against loans.
The often expressed idea that credit has lost its true purpose is based on the following. For more than 50 years, a rigid closed system has been formed and strengthened, built on the principle that everything is socialist, which is exactly the opposite (including organizational principles) to capitalism. The system-forming element of this system is state ownership, the functional body is the State Bank, which carries out monopoly operations with a single national loan fund, and one of the main principles of action is the close relationship of financial and credit structures with recognition of credit as the main function of the ultimate balancing of public finances.
In recent years, however, the official position on this issue has been formulated in the most general form and did not draw clear boundaries between the financial and credit systems, did not destroy their identical perception in the economic consciousness. Attention was focused on public finances, and issues related to lending and the need to increase its effectiveness arose only against the backdrop of this main practical problem. яндекс
