1960s >> 1969 >> no-783-november-1969

Russian Capitalism: A Correction

On page 107 of the July Socialist Standard we stated:

There are signs that private investment does take place, but if we lived in Russia we should call it ‘fiddling’ for it is not legal and there is no stock exchange. The legal right of the Russian ruling class to appropriate surplus value is a collective right. This ‘right’ ceases if they resign from their administrative work.

Some of these statements are not strictly true and we now correct them. Certain forms of private investment, such as bank accounts, are not illegal in Russia. Nor does the monopoly the Russian rulers exercise over the means of production have formal legal backing. It is a de facto monopoly resting on their control of state power. Finally, members of the Russian ruling class do not of course resign, though they may be cut off from getting their share of the exploitation of the Russian workers through losing their job in a purge.

Editorial Committee