ABSTRACT
This chapter examines the question of the Socialist ownership of the means of production in foreign countries from the ideological point of view. The cumbersome currency regulations and the clumsy and widely differing price-setting procedures also impede the development of the Socialist multinationals. ‘Intertextilmash’ illustrates a complex approach to Socialist international ownership. Socialist Western-based banks often participate with capitalist banks in the extension of credits not only to Socialist countries but also to customers in Western and less-developed countries. Socialist Western and even Eastern-based banks have become significant operators in the Eurocurrency market – at first as depositors and also as borrowers. In the new system that is likely to emerge in the future the Socialist monetary, banking and financial institutions are certain to play an important role. The growing expansion of the Socialist enterprises into capitalist countries, although following economic common sense, is surprising on ideological grounds.
