Update (24 February 2023)

There’s a new installment of Economic History Case Studies coming up in the next thirty minutes after this Update post goes live. It is based on my experiences writing Work-Standard Accounting Practices, particularly why I suspect Soviet accounting practices end up applying Adam Smith’s version of the Labor Theory of Value (LTV) as opposed to revamped one devised by Karl Marx. My suspicion is that it has everything to do with a point of contention that Smith and Edmund Burke had over the Value and Price of Kapital and the Market during the Enlightenment. The Soviets must have instinctually understood the context of their arguments through Marx and then through Vladimir Lenin and later Josef Stalin. I doubt the Soviets were keenly interested in reading anything from Burke or Smith at any point throughout the 20th century, at least according to the historical record.

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