Boris Z. Rumer - Investment And Reindustrialization In The Soviet Economy

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Investment and Reindustrialization in the Soviet Economy

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About the Book and Author

Investment and Reindustrialization in the Soviet Economy
Boris Z. Rumer

Investment activity in the Soviet Union is presently undergoing a decline hitherto unknown in the history of the nation: The growth of capital investment has stopped, while levels of production have fallen. One important factor in this phenomenon is the Soviet policy of reindustrializationshifting new investments into the expansion and improvement of existing facilitieswhich severely limits capital available for new construction.

In this book, Dr. Rumer examines current Soviet investment policies and assesses their impact on economic development, especially in Siberia. Reindustrialization is intended to combine more rapid amortization for updating and retooling, growth in the volume of industrial output, and minimal capital investment. However, concludes Dr. Rumer, this investment pattern hinders the development of Siberia and thus reinforces the spatial polarization of fuel-energy and raw-material resources in the east of the country and the manufacturing industry in the west, with serious consequences for Soviet strategic/military vulnerability and for the Soviet economy.

Boris Rumer, previously head of the Department of Economics and Investment at the USSR Institute of Economics of the Construction Industry, is a research associate at the Russian Research Center, Harvard University.

To the memory of my father

Investment and Reindustrialization in the Soviet Economy

Boris Z. Rumer

First published 1984 by Westview Press

Published 2018 by Routledge
52 Vanderbilt Avenue, New York, NY 10017
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

Routledge is an imprint of the Taylor & Francis Group, an informa business

Copyright 1984 by Taylor & Francis

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Notice:
Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

Library of Congress Cataloging in Publication Data
Rumer, Boris.
Investment and reindustrialization in the Soviet
economy.
(A Westview replica edition)
Includes bibliographical references.
1. Capital investmentsSoviet Union. 2. Soviet
UnionEconomic policy1981- 3. Capital investments
Siberia (R.S.F.S.R. and Kazakh S.S.R.). 4. Siberia
(R.S.F.S.R. and Kazakh S.S.R.)Industries. 5. Soviet
UnionIndustries. 6. Technological innovationsSoviet
Union. I. Title.
HC340.C3R82 1984 332.63 84-7509

ISBN 13: 978-0-367-01991-4(hbk)

And no one puts new wine into old wine-skins;
if he does, the new wine will burst the skins,
and it will be spilled, and the skins will be destroyed.

Luke V:36

Contents

1. ii
2. iii
3. vii

Guide

TABLES

FIGURE

The Soviet Union, as well as the United States, is striving for reindustrialization, and its investment policy is subordinated to this goal.

For the USSR reindustrialization means a shift from the hypertrophied extracting and primary industries towards advanced industries. The more resources are diverted to production of raw and primary stage materials and fuels, the less can be allocated to production of new technology. This trend must be reversed if the Soviets are not to increase their dependency on the West for industrial innovation. But implementation of the reindustrialization takes place when investment activity is undergoing a period of decline unknown during the entire history of the USSR.

The investment mechanism is increasingly spinning its wheels. The growth of capital investment actually stopped, the volume of construction-installation work declined, the share of unfinished construction in capital investment attained a record level for the period since 1955, the growth of fixed capital stopped, and the amount of production capacity put into operation declined for most types of industrial production.

An even greater part of capital investment was channeled into replacement of machinery and equipment and the investment possibilities for expanding the scale of production and maintaining or increasing rates of economic growth declined correspondingly. Capital expenditures per unit increase in output continued to grow. All these phenomena are taking place simultaneously with a deteriorating demographic situation and a worsening of indicators characterizing the utilization of labor resources.

The key idea of reindustrialization under these conditions is the progressive shifting of investment flows into the development of existing production to the detriment of new construction. By this means it is proposed to combine more rapid amortization for updating and retooling industrial production facilities with growth in the volume of industrial output achieved through minimal capital investment.

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