This 1988 book examines the indirect instruments and the related institutions that help to coordinate key economic decisions within and among the economies belonging to the Council for Mutual Economic Assistance (CMEA). The chief purpose is two-fold: to assess thier adequacy in light of the forced economic adjustments of the early 1980s and to formulate feasible changes for both in order to avert a recurrence of such developmental obstacles. Jozef van Brabant argues that these instruments and institutions are inadequate. He proposes that a resumption of rapid growth depends largely upon bolstering factor productivity growth, which can only be achieved through positive structural changes and a root-and-branch reform of the individual and groupwide economic mechanisms.
• Brings together important economic contributions to the Third World Congress for Soviet and East European Studies • Written by leading economists in the field • Accessible to non-economists
List of figures and tables; Preface; Notes on transliteration, referencing, and units; List of abbreviations; Introduction; Part I. The Environment of Socialist Economic Integration: 1. Socialist economic integration in perspective; 2. The CMEA's organization and policy programs; 3. Adjustment policies in perspective; Part II. Indirect Coordination Instruments and Supporting Institutions: 4. Socialist trade prices and CMEA cooperation; 5. Domestic prices, structural adjustment, and economic reform; 6. Exchange rates and foreign exchange policies; 7. Eastern Europe in the world monetary system; 8. The CMEA's nascent monetary system and the common banks; 9. Factor mobility and investment coordination; 10. The International Investment Bank; 11. National and regional convertibility in the CMEA; Part III. A Development and Integration Scenario: 12. Socialist economic integration and East-West relations in the late 1980s and beyond; Notes; Bibliography; Index.