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Adjustment to External Shocks in Socialist and Private Market Economies

In: Structural Change, Economic Interdependence and World Development

Author

Listed:
  • B. Balassa

    (International Bank for Reconstruction and Development)

  • L. Tyson

    (International Bank for Reconstruction and Development)

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.

Suggested Citation

  • B. Balassa & L. Tyson, 1987. "Adjustment to External Shocks in Socialist and Private Market Economies," International Economic Association Series, in: Luigi Pasinetti & Peter Lloyd (ed.), Structural Change, Economic Interdependence and World Development, chapter 31, pages 439-464, Palgrave Macmillan.
  • Handle: RePEc:pal:intecp:978-1-349-18840-6_31
    DOI: 10.1007/978-1-349-18840-6_31
    as

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