Book reviews

R. Bahro: Die Alternative. Koln‐Frankfurt, 1977, 542 pp. 34.00DM.

R. Bahro: The alternative in Eastern Europe, New Left Books, 1978. 463 pp. £9.50.

Bergson, Abram, Productivity and the Social System—The USSR and the West, Cambridge, Mass.: Harvard University Press, 1978. xi+256 pp. £12.25.

Alec Nove; Political Economy and Soviet Socialism, London, Boston, Sydney: George Allen & Unwin, 1979. 249 pp. £10.00.

Gail Warshofsky Lapidus, Women in Soviet Society: Equality, Development and Social Change. Berkeley, Los Angeles and London: University of California Press, 1978. x + 381 pp. £12.25.

Nationalism in the USSR & Eastern Europe in the Era of Brezhnev and Kosygin. Papers and Proceedings of the Symposium held at University of Detroit on 3–4 October, 1975. Edited by George W. Simmonds. Detroit, Mich.: University of Detroit Press, 1977. 534 pp. $6.95 soft bound, $12.00 hard bound.

Alexander Yanov, The Russian New Right: Right‐ Wing Ideologies in the Contemporary USSR. Berkeley: Institute of International Studies, University of California, 1978. 185 pp. $3.95.

John J. Stephan, The Russian Fascists: Tragedy and Farce in Exile, 1925–1945. New York: Harper and Row, 1978. 450 pp. $15.00.

Michael A. Newcity, Copyright Law in the Soviet Union. New York: Praeger Publishers, 1978. x + 212 pp. Appendix and selected bibliography.

Robin Higham and Jacob W. Kipp, Soviet Aviation and Air Power. A Historical View. London: Brasseys’, 1978; Boulder Co.: Westview Press, 1977. xii + 328 pp. $25.

James Riordan (ed.), Sport Under Communism. London: C. Hurst & Company, 1978. x +177 pp. £6.95.

Vahan D. Barooshian, Brik and Mayakovsky, Slavistic Printings and Reprintings 301. The Hague: Mouton, 1978. 154 pp. + index. Paperback.

Vladimir FiSera (ed.), Workers’ Councils in Czechoslovakia: Documents and Essays 1968–69. London: Motive, 1978. 200 pp. £8.50.

Richard F. Starr (ed.), Yearbook on International Communist Affairs 1978, Stanford, California: Hoover Institution Press, Stanford University, 1978. 497 pp. $35.00.

G. E. Skorov (ed.), Science, Technology and Economic Growth in Developing Countries. Oxford: Pergamon Press, 1978. (tranlated by J. Warren).     

A note on the current and capital accounts compilation of Barbados under the fourth and fifth IMF editions

Measurement of external positions of member countries has been a main feature of International Monetary Fund (IMF) operations since inception. A first step towards an understanding of current and capital account movements is the understanding of the IMF Manuals. The first edition was used as a guideline for Balance of Payments (BOP) compilers and published in 1948. However since then, important changes had occurred in the manner in which international transactions were conducted. This led to the publication of the second edition in the 1950's, the third edition in 1961 and the fourth edition in 1977. Since that last publication, liberalization of financial markets, innovations in the creation and packaging of financial instruments and new approaches to the restructuring of external debt have all taken place. As a result, the fifth edition was introduced and published in 1993 although not implemented by Barbados until two years later.

The purpose of this paper is to compare the fourth edition with the new edition with respect to the composition and structure of the current and capital accounts. It also intends to show what the changes would have implied for Barbados’ BOP statistics from 1979 until 1994 and how the statistics could impact on the future.     

Bank regulatory authority in China

In China the regulation of credit and capital is conducted by the banking system. Originally this system was highly centralized under the direct control the Ministry of Finance. More recently, as the Ministry of Finance has become busier with additional responsibilities such as the management of an increasingly complex tax system, and the banking system has gained its independence.

For the banks, this reorganization not only represents an increase in authority and status, it also makes possible an increased effectiveness in carrying out existing regulatory responsibilities. The need for increased effectiveness becomes evident on review of the role that the banks have played in Chinese society prior to the 1985 reforms. Without the means to enforce their authority, the banks could not be as influential in regulating the economy as had been intended.

Because they have been provided with enforcement regulations, the banks can now influence not only the provision of credit and currency but also the management of group and individual businesses and organizations throughout China. As the communist party stepping back from law and policy enforcement, the banks are partially filling the vacuum.