ABSTRACT
The concept of growth in equilibrium is perhaps Nikolai Bukharin's most important contribution to the economic theory of Marxism. Bukharin categorically contested the view that capitalism contained an innate lack of effective demand, although he took certain under-consumptionist arguments as a basis for cycles. The endeavor to achieve balanced growth, avoiding sudden falls and interruptions, was to govern Bukharin's practical contributions to economic policy during the years 1925 to 1929. In any case, Preobrazhenskii at the time accepted the market as an instrument within the framework of the New Economic Policy. As a matter of course, Bukharin accepted the principle of dictatorship of the proletariat and wanted strategic positions in the hands of the state. In February 1929, in one of the last Politburo sessions in which he participated, Bukharin again stated his idea of the "cooperative state" and protested against the "military feudalist exploitation of the peasants".
