Abstract
After the Second World War, the newly-established socialist states of Asia and Europe adopted, with few modifications, the system of centralized physical planning practised in the Soviet Union. Under this system, the authorities set output targets, material allocation, employment, and other objectives for the producing units and determined the pattern of investment, exports, and imports. The principal targets were established in physical terms, with prices serving chiefly an accounting function.1
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Notes
For a detailed description, see B. Balassa, The Hungarian Experience in Economic Planning (New Haven, Conn.: Yale University Press, 1959).
On the Yugoslav reform, see B. Horvat, The Yugoslav Economic System (New York: M. E. Sharpe, 1976); a description of the development of the Hungarian reform and an evaluation of recent changes, respectively, are provided in the author’s The Hungarian Economic Reform, 1968–81’, and ‘Reforming the New Economic Mechanism in Hungary’, Essay 12 and 13 in this volume. All subsequent references to Hungary derive from these sources.
See W. Byrd, Chinas Financial System: The Changing Role of Banks (Boulder, Col.: Westview Press, 1983) pp. 71–5.
N. R. Lardy, ‘Agricultural Price in China’, World Bank Staff Working Papers, 606 (1983) p. 20.
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© 1985 The World Bank and Bela Balassa
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Balassa, B. (1985). Economic Reform in China. In: Change and Challenge in the World Economy. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-17991-6_14
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DOI: https://doi.org/10.1007/978-1-349-17991-6_14
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