Novosibirsk Commodity Exchange in 1926–1930: From Reorganization of the Exchange Network to Liquidation

The article discusses the functioning of the Novosibirsk Commodity Exchange in the conditions of the curtailment of the New Economic Policy in 1926-1930.The implementation of the "saving regime" in trade by the Soviet leadership in 1926 caused a discussion about the profitability of commodity exchanges.Its result was the reorganization of the exchange network and the abolition of most exchange institutions.Since 1927 only the Novosibirsk Exchange operated in Siberia.In accordance with the new political course, which consisted in the gradual abandonment of commodity-money relations, the implementation of the main exchange function -intermediation -turned out to be significantly limited.But the Novosibirsk Exchange maintained its effectiveness.The exchange apparatus covered interregional trade operations, which made it possible to minimize the overhead costs of counterparties.Also exchange units (industrial goods section, timber inspection and expert bureau) contributed to the organization of a planned distribution system and preparation for the forced industrialization.However, the narrowing of commercial turnover, the evasion of exchange commissions' members from participation in its activities, the perception of the exchanges as a temporary instrument for regulating the economy led to the liquidation of the Novosibirsk Commodity Exchange in 1930.The author revealed institutional forms of implementation of the exchange functions (inspection, examination, registration of transactions, etc.) after the liquidation of exchanges.They were carried out by new state organizations and departments under the trade management bodies.These forms conformed complied with the political and economic model that replaced the NEP.