The Transition from Socialist Trade to European Integration

Arye Hillman
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Arye Hillman: Bar-Ilan University

Chapter 4 in The European Community after 1992, 1992, pp 61-79 from Palgrave Macmillan

Abstract: Abstract An economy with the domestic institutional and organizational structure of state socialism has characteristics that are inconsistent with integration within the framework of Western international market transactions. For the socialist economies, the Council of Mutual Economic Assistance (CMEA) provided the mechanism for international trade; there was no socialist analogue to international capital market transactions, although trade imbalances and acknowledgement of international indebtedness could arise. The CMEA, which was founded in 1949, was an Eastern European counter to the Marshall Plan, but was based on self-help and “mutual assistance”.1 Subsequently the CMEA came to be the Eastern European counter to the West European “Common Market”.

Keywords: Socialist Enterprise; Socialist Economy; Socialist Market; Central Planner; Political Perspective (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12048-2_4

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DOI: 10.1007/978-1-349-12048-2_4

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