Commercial-financial dealings between the USSR and market-type economies with special reference to Soviet banking, maritime and trading operations in the West

The main purpose of this thesis is to explain how the USSR conducts its commercial-financial business with market-type economies. Special emphasis was placed on Soviet commercial-financial operations which take place in the West. Chapter I is primarily an overview of Soviet economic dealings with the West since the October. Revolution. A brief summation of Russian foreign economic policy is included in CHAPTER I to give the reader an opportunity to compare developments in the postrevolutionary period with developments in the pre-revolutionary period. CHAPTER II is concerned with Soviet organisations and personnel in the West. Most of the chapter is devoted to the study of Western-based joint-stock (trading) companies which are either wholly or partially owned by the USSR, Official Soviet trade representations, joint intergovernmental commissions and Soviet foreign trade missions are also covered in some detail. Western participation in USSR-based industrial projects is covered in CHAPTER III. Three types of industrial projects are discussed: compensatory projects, barter projects and non-compensatory projects. A fair amount of time was spent on compensatory projects as they appear to be one solution to the USSR's rising hard currency indebtedness. CHAPTER IV deals with the financing of Soviet trade with industrialised market-type economies and less-developed (market-type) countries. A large portion of this chapter is devoted to the operations of the Foreign Trade Bank of the USSR, Other topics falling within CHAPTER IV include Soviet invisible trade, gold sales and indebtedness. The operations of Soviet foreign-based banks are discussed in CHAPTER V. The chapter begins with an historical account of the USSR's activities in Eurocurrency markets. After this introduction, the operations of individual Soviet foreign-based banks are covered in some detail. Such operations are not always connected with Soviet foreign trade. CHAPTER VI is concerned with the development and operations of the Soviet merchant fleet. Prior to 1965, the Soviet merchant fleet was regarded as underdeveloped. At this time Soviet ships are capable of competing with the most up-to-date Western merchant vessels. Soviet maritime activities in the West have increased to such an extent that Western governments are now considering ways of curbing the operations of Soviet merchant vessels. The restraints on Soviet economic operations in the West are covered in CHAPTER VII. Generally speaking, Soviet organisations are permitted to carry out their operations in the West in a free fashion. However, this situation could change if Soviet organisations become a real threat to Western entrepreneurs. CHAPTER VII also covers the problems which would arise if the USSR decides to join selected Western-dominated international economic organisations. Since currency convertibility is a pre-condition for joining some international economic organisations, the prospects for ruble convertibility were discussed at the end of this chapter