Viktor Glushkov was a Soviet computer science who developed an idea for a cash-free, computer-controlled economic system. The theory is seductive because the idea was to improve information flows and feedback loops while reducing lag times. In other words, if you could collect perfect information and make it perfectly available, the economy could be perfectly efficient and in perfect balance. It didn’t work out, running into the crushing Soviet bureaucracy and technological limits. But in theory at least, the technology would be less of a constraint today.

Glushkov’s initial proposal included one particularly controversial provision. He envisioned that the new network would monitor all labor, production, and retail, and he proposed to eliminate paper money from the economy and to rely entirely on electronic payments. Perhaps Glushkov hoped that this idea would appeal personally to Khrushchev. The elimination of paper money evoked the Marxist ideal of money-free communist society, and it seemed to bring the Soviet society closer to the goal of building communism, promulgated by Khrushchev at the Twenty-Second Party Congress in 1961. The Academy president Keldysh, who was much more experienced in top-level bureaucratic maneuvers, advised Glushkov to drop the provision, for it would ‘only stir up controversy.’ Glushkov cut out this section from the main proposal and submitted it to the Party Central Committee under a separate cover. If ideology were to play any significant role in Soviet top-level decision-making, this was its best chance. Glushkov’s proposal to eliminate money, however, never gained support from the Party authorities.