Reforming the credit system in the USSR in the period of industrialization

Introduction. In modern Russia, even today, the process started back in the 1990s continues to gain momentum - the emergence of state-monopoly capitalism. This phenomenon always includes such a feature as centralization in the economic and political spheres of public life. The concentration in the hands of the state of the mechanism for the regulation of economic processes in a country is not always negative. There are enough examples in history to prove this thesis. The purpose of this article is to show a positive example of competent centralization of the economic sector, referring to the experience of reforming the credit system in the Soviet Union during the period of industrialization. The authors of the article strive to demonstrate an example of an effective mechanism for maneuvering means, as well as to evaluate the results of this process. Materials and methods. This research is based on traditional methods used in Russian historical science: problem-chronological, systemic, and comparative-historical. Results. The reform of the credit and banking sector carried out in the Soviet Union was a logical conclusion to the centralization of the country’s internal economic management system, which enabled the state to take a more precise approach to planning, distribution and, most importantly, to accounting for funds. Discussion and Conclusion. The result of the reform was that all financial flows concentrated in the hands of the state proceeded in the order strictly established by the party, in accordance with a single political line. In turn, this made it possible to create a base for maneuver with the means that went to strengthen the defense - industrial complex and qualitatively re-equip the army. The development of centralization, in fact, became the basis for the further development of the military economy with the beginning of the Great Patriotic War.