East-West Trade and Economic Systems

Philip Hanson
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Philip Hanson: University of Birmingham

Chapter 6 in Economic Relations between East and West, 1978, pp 87-105 from Palgrave Macmillan

Abstract: Abstract Trade between East and West is small. Commodity trade between socialist* and OECD countries in 1974 was only 3 per cent of world commodity trade. There are, I think, three main reasons for this. First, the two groups of countries are separated by profound political suspicions of one another. Second, their attempts to trade are hampered by differences of economic system. Third, the West is richer than the East, and the rich have a distressing preference for selling things to one another.

Keywords: Economic System; Economic Relation; Eastern Country; Socialist Country; Credit Term (search for similar items in EconPapers)
Date: 1978
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DOI: 10.1007/978-1-349-16000-6_7

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