Adjustment to External Shocks in Socialist and Private Market Economies

B. Balassa and L. Tyson
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B. Balassa: International Bank for Reconstruction and Development
L. Tyson: International Bank for Reconstruction and Development

Chapter 31 in Structural Change, Economic Interdependence and World Development, 1987, pp 439-464 from Palgrave Macmillan

Abstract: Abstract This paper will examine policy response to external shocks in socialist and in private market economies during the period 1973–8. The distinction between the two groups of countries has been made on the basis of the ownership of the means of production. Countries where the means of production are largely in state ownership have been classified as socialist, while those where the means of production are largely in private hands have been classified as private market economies.

Keywords: Socialist Economy; External Shock; Import Substitution; Socialist Country; World Market Price (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-18840-6_31

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DOI: 10.1007/978-1-349-18840-6_31

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