Socialist Economies and the Transition of the Market: A by Ian Jeffries

By Ian Jeffries

This gives an in depth account of every of the socialist international locations and an research of a number of the difficulties they've got met within the lengthy transition to marketplace economies, every one of that is very assorted.

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3. ‘Currency inconvertibility’. 4. Currency inconvertibility is compounded by ‘goods inconvertibility’. If one command economy has a trade surplus with another, this cannot be automatically converted into a claim on particular goods in the latter country (let alone in a Western country), because of the lack of direct and free exchange between ultimate purchaser and supplier. This claim can be met only by negotiations and provisions in central plans. Contrast this with the US dollar, for illustrative purposes.

Increasing concern about damage to the environment caused by such factors as output indicators, heavy industry and nuclear accidents, led to the first meeting of the Commission on Environmental Protection on 28–31 March 1988. COUNTER-TRADE A wide variety of types of counter-trade are practised in the world at large (see Financial Times surveys). The simplest is barter, a straight swap in kind of goods or services of equivalent value. Others include: ‘counter-purchase’, which requires a varying proportion of payment in kind, with cash dominant as a rule; ‘buy-back’, where deliveries of plant and equipment are wholly or partly repaid in the form of output forthcoming from the project; and ‘switch’ trading, where trade imbalances between two socialist countries, for example, are cleared by involving a Western country.

Czechoslovakia, Hungary, Poland and Romania belonged to GATT before the 1989 upheavals and agreed to increase imports so as to simulate the effects of tariff reductions. The institutional hierarchy ran from the State Planning Commission to the Ministry of Foreign Trade and on to the foreign trade corporations, which normally specialized in a particular product or group of products and which operated on a khozraschyot basis. The industrial enterprise that produced the good designated in its tekhpromfinplan as an export did not receive the world price but the domestic wholesale price, with appropriate adjustments in case of factors such as quality differences.

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