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The Impact of International Economic Disturbances on the Soviet Union and Eastern Europe: Transmission and Response focuses on the transmission of economic disturbances to the Soviet Union and Eastern Europe, as well as the policy responses of both to such disturbances. Topics covered include external inflation, balance of trade, and resource allocation, along with the impact of the world economic crisis on intra-CMEA trade. This book is comprised of 16 chapters and begins with an overview of major international economic disturbances during the first half of the 1970s and their transmission to the Soviet Union and Eastern European countries. The following chapters examine the adjustment made by East European economies to external disturbances; external inflation, balance of trade, and resource allocation in small centrally planned economies; whether the Soviet Union was affected by the international economic disturbances of the 1970s; and the relationship between foreign trade and the Soviet economy. The transmission of international disturbances to Yugoslavia, Hungary, and Poland and the responses of each country are also discussed. The final chapter assesses how the energy crisis and Western ""stagflation"" have affected the nature of Soviet-East European political relations in the years 1956-1973. This monograph will be of interest to economists and economic policymakers.
A collection of twenty-one traditional tales from the British Isles.
The centrally planned economies (CPEs) of the Soviet Union and Eastern Europe have experienced severe imbalances in domestic and external markets over the past several decades. As a result, they have been chronically afflicted by problems such as excess demand, repressed inflation, deficits of commodities, queues, waiting lists, and forced savings. Economists have responded to these phenomena by developing appropriate theoretical and empirical models of CPEs. Of particular note have been the pioneering studies of Richard Portes on disequilibrium econometric models and Janos Kornai on the shortage economy. Each approach has attracted followers who have produced numerous, innovative macro- and microeconomic models of Poland, Czechoslovakia, the German Democratic Republic, Hungary, and the USSR. These models have proved to be of considerable value in the analysis of the causes, consequences and remedies of disequilibrium phenomena. Inevitably, the new research has also generated controversies both between and within the schools of shortage and disequilibrium modelling, concerning the fundamental nature of the socialist economy, theoretical concepts and definitions, the specification of models, estimation techniques, interpretation of empirical findings, and policy recommend ations. Furthermore, the research effort has been energetic but incomplete, so many gaps exist in the field.
This book, first published in 1991, is a revised and updated version of Professor Marie Lavigne's best seller Economie Internationale des Pays Socialistes.
Economic reform, structural adjustment, macroeconomic stabilization, and participation in the world economy are interconnected aspects of the same issue: the long-term economic viability of centrally planned economies in the rapidly changing economic environment of the modern world. Any economic strategy that focuses on only one or two of these aspects at the expense of the others is likely to fail; yet even strategies that build on all of these bases may well fail unless political leaders can muster exceptional skill, garner international support, and enjoy some good luck. The contributions to this volume reflect the recent research on this issue by various specialists on the economies of the Soviet Union and Eastern Europe. Each author emphasizes macroeconomic stabilization, structural adjustment, participation in the larger world economy, or ecomonic reform.
Examines the nature and the mode of operation of the centrally planned economy, assessing its strengths and the weaknesses that eventually led to its demise.