Book contents
- A History of Big Recessions in the Long Twentieth Century
- A History of Big Recessions in the Long Twentieth Century
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Boxes
- Acknowledgments
- 1 Introduction
- 2 Recession and Depression
- 3 World War I, Hyperinflation in the 1920s, and World War II
- 4 The Great Depression of the 1930s
- 5 Stagflation in the 1970s, Globalization, and the Financial Crisis of 2008–2009
- 6 Two Depressions in the Early Twenty-First Century
- 7 Soviet-Type Socialism and the Postsocialist Transition
- 8 Economic Crises in Latin America and East Asia
- 9 Synthesis and Interpretation
- Appendix
- References
- Index
7 - Soviet-Type Socialism and the Postsocialist Transition
Published online by Cambridge University Press: 06 February 2020
Book contents
- A History of Big Recessions in the Long Twentieth Century
- A History of Big Recessions in the Long Twentieth Century
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Boxes
- Acknowledgments
- 1 Introduction
- 2 Recession and Depression
- 3 World War I, Hyperinflation in the 1920s, and World War II
- 4 The Great Depression of the 1930s
- 5 Stagflation in the 1970s, Globalization, and the Financial Crisis of 2008–2009
- 6 Two Depressions in the Early Twenty-First Century
- 7 Soviet-Type Socialism and the Postsocialist Transition
- 8 Economic Crises in Latin America and East Asia
- 9 Synthesis and Interpretation
- Appendix
- References
- Index
Summary
This chapter focuses on the rise and fall of growth and the incidence of recessions in centrally planned socialist regimes in Central and Eastern Europe (CEE) and the former Soviet Union. It studies the period of rapid growth and socialist industrialization in the 1950s and 1960s, the socialist stagnation of the 1970s, and the terminal decade of the 1980s. It discusses the rapid accumulation of foreign debt in convertible currencies in some socialist countries as an attempt to revert symptoms of stagnation and the effect of the debt crises of the early 1980s, with responses ranging from full repayment under extreme self-imposed austerity (in Romania) and attempted rescheduling in other countries. It examines the causes for deep contractions in several CEE countries, Russia, and Ukraine in the early 1990s and the impact of the crisis of 2008–09.
Keywords
socialist economycapitalismmarket economySoviet UnionCentral Eastern Europe (CEE)postsocialist transitioneconomic growthnet material productEugeni PreobrazhenskyNicolai BukharinJosef StalinLech WalesaNicolas Ceausescuconvertible currenciesindustrializationdeindustrializationtransformational recessionSoviet Unionstagnationforeign debtausterityPolandHungaryBulgariaRomaniaUkraineRussia
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- A History of Big Recessions in the Long Twentieth Century , pp. 135 - 159Publisher: Cambridge University PressPrint publication year: 2020
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