Monetary, Credit and Financial Issues in Economic Cooperation between East and West

Zdzisław Fedorowicz
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Zdzisław Fedorowicz: Warsaw School of Economics

Chapter 9 in Economic Relations between East and West, 1978, pp 135-143 from Palgrave Macmillan

Abstract: Abstract The share in world industrial production of those socialist countries which are members of the Council of Mutual Economic Assistance exceeds 30 per cent, but their share in international trade is considerably smaller. In 1974 these countries’ share of total world imports was only 8·6 per cent, and of world exports 8·4 per cent.1 This proves that the CMEA countries do not yet profit sufficiently from the opportunities for international division of labour. In the 1970s the development of trade among the socialist countries has accelerated, as has their trade with other countries. Between 1970 and 1973 East—West trade increased by 107 per cent, while total international trade increased by only 80 per cent;2 and this indicates some progress in economic cooperation between East and West. But it can satisfy nobody who believes that the development of economic cooperation between East and West is advantageous for both sides.* To attain more significant levels of cooperation, it will be necessary to change substantially the structure of the trade between Eastern and Western countries.

Keywords: Economic Cooperation; Eastern Country; Socialist Country; East European Country; Credit Facility (search for similar items in EconPapers)
Date: 1978
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-16000-6_10

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DOI: 10.1007/978-1-349-16000-6_10

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