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History of bonds in the USSR, their role in the development of the country's economy

For the first time the USSR bonds were issued in 1922. The Soviet government was forced to seek funds for the restoration of industry and agriculture destroyed during the First World War and the Civil War. Foreign investors did not hurry to invest, and international banks give loans. The economy of the country lay in ruins. We urgently needed money. The only one who could give them is the people.

What types of bonds existed

Bonds of the state loan of the USSR were issued in two forms: in interest and win-win. In terms of the first kind, interest was paid at a rate of 3-4% per annum, in the second year, annual rallies were held. The bond in this case was something like a lottery ticket. Payments were made only on the security whose number was winning.

The time for complete repayment of the debt by the state to citizens was 20 years. Naturally, no one believed that the state would do anything for them, and subsequent markdowns and revaluations would further undermine the belief that at least some money would be paid. Nobody perceived the USSR bonds as a financial instrument of accumulation and preservation of capital.

Who was the main buyer

The purchase of bonds was originally mandatory in fact, but was considered voluntary legally. The first to be ordered to buy government bonds of the USSR were small and medium-sized entrepreneurs (NEPMans), large landowners (they did not yet drive to collective farms), workers in enterprises. The very first securities were issued for agricultural products and industrial products. After the restoration of the monetary system, the bonds were sold for money.

The papers were bought because it was mandatory (many did not even ask, they automatically deducted the amount from the salary). Perceived as a regular tax charge. Therefore, for non-payment of Soviet bonds in the Russian Federation, there is practically no judicial practice. The only lawsuit in the history of Russia took place in 2006 on bonds issued in 1982. The verdict was passed in favor of the state, which is understandable. The Russian Federation is not in a position to pay for all debts that were made by the Soviet Union to all owners of securities.

Periods of issue

The state resorted to this tool not constantly, as some write. It was more a forced measure than a desire to rob the population once again. Therefore, there is nothing surprising in that the dates of the beginning of the issue coincide with the tragic moments in the history of our Motherland. Bonds of the USSR loan were issued in the following years:

  • 1922-27 - after the First World War and the Civil War. The already weak economy was almost completely destroyed. Its restoration and development needed money.
  • 1927-41 years. - accelerated industrialization. Over 1,000 enterprises a year are built in the country. The USSR becomes an industrially developed country. Funds from the sale of bonds also go to purchase machines and patents.
  • From 1942 to 1946 years. - the period of the active phase of the war. To develop and consolidate success, you need as much military equipment and ammunition as possible. The bonds were bought up as "hot pies". For the victory over the fascists, the people did not spare money or strength. In 1942, the amount of securities sold exceeded only 10 billion rubles for the first two days of the issue.
  • 1946-57 years. - After the war, there was an acute need for money. Half of the country lay in ruins. We needed funds for reconstruction.
  • 1957-89 - bonds are used as an instrument of accumulation. The capital of citizens is used in the formation of the state budget.

There were periods when the state extended the maturity for several years. Securities have depreciated. Despite such measures, no indignation ensued. Everybody understood perfectly well that the money is for the benefit of society, and they do not settle on accounts of officials in foreign banks.

Where did the proceeds go?

Funds from their sale went to the restoration and development of the country, improving the lives of ordinary Soviet citizens. Enterprises were being built - new jobs appeared. Consumer goods were produced . The Soviet economy grew. People received their salaries and welfare.

Conclusion

The question is whether the state has done well or poorly, without paying out its debts to citizens to whom it has "put in" the rubbish bonds, the issue is still controversial. Some believe that this is wrong. Others - that nothing of the kind happened, and all the owners of the securities received the funds in full. Although witnesses of those times say the opposite. But without the material assistance of the common people, it would be impossible to industrialize, ensure victory in the Second World War and the subsequent restoration of the country. With money obtained from the sale of bonds in the USSR, houses, hospitals, railways, and plants were built.

As far as the actions of the government were justified, judge for yourself. But no matter what assessment the contemporary has made, there is nothing to change in the past.

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