The Chairman, Murray Feshbach, set the macroeconomic scene in introducing the four papers: all European members had exhausted their potential for obtaining significant gains in production from incremensts in manpower and capital and would in future have to rely on what he termed “modernization”. That term, he went on to observe, rightly implied that the present practices of Eastern Europe were backward: the required updating would be both technological and managerial.
KeywordsEuropean Member CMEA Country Soviet Institution Convertible Currency Foreign Economic Relation
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