The Council for Mutual Economic Assistance (Сове́т Экономи́ческой Взаимопо́мощи, СЭВ; English abbreviation COMECON, CMEA, CEMA, or CAME) was an economic organization from 1949 to 1991 under the leadership of the Soviet Union that comprised the countries of the Eastern Bloc along with a number of socialist states elsewhere in the world.
The descriptive term was often applied to all multilateral activities involving members of the organization, rather than being restricted to the direct functions of Comecon and its organs. This usage was sometimes extended as well to bilateral relations among members because in the system of communist international economic relations, multilateral accords - typically of a general nature - tended to be implemented through a set of more detailed, bilateral agreements.
Comecon was the Eastern Bloc's response to the formation in Western Europe of the Marshall Plan and the OEEC, which later became the OECD.
The Comecon was founded in 1949 by the Soviet Union, Bulgaria, Czechoslovakia, Hungary, Poland, and Romania. The primary factors in Comecon's formation appear to have been Joseph Stalin's desire to cooperate and strengthen the international relationships at an economic level with the smaller states of Central Europe, and which were now, increasingly, cut off from their traditional markets and suppliers in the rest of Europe. Czechoslovakia, Hungary, and Poland had remained interested in Marshall aid despite the requirements for a convertible currency and market economies. These requirements, which would inevitably have resulted in stronger economic ties to free European markets than to the Soviet Union, were not acceptable to Stalin, who in July 1947, ordered these communist governments to pull out of the Paris Conference on the European Recovery Programme. This has been described as "the moment of truth" in the post-World War II division of Europe. According to the Soviet view the "Anglo-American bloc" and "American monopolists ...
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The lev (лев, plural: лева, левове / leva, levove; ISO 4217 code: BGN; numeric code: 975) is the currency of Bulgaria. In old Bulgarian the word "lev" meant "lion", the word 'lion' in the modern language is lаv (ɫɤf; in Bulgarian: лъв). The lev is divided in 100 stotinki (стотинки, singular: stotinka, стотинка). Stotinka in Bulgarian means "a hundredth" and in fact is a translation of the French term "centime". Grammatically the word "stotinka" comes from the word "sto" (сто) - a hundred.
In macroeconomics, hard currency, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable store of value. Factors contributing to a currency's hard status might include the stability and reliability of the respective state's legal and bureaucratic institutions, level of corruption, long-term stability of its purchasing power, the associated country's political and fiscal condition and outlook, and the policy posture of the issuing central bank.
The Revolutions of 1989, also known as the Fall of Communism, was a revolutionary wave of liberal democracy movements that resulted in the collapse of most Marxist–Leninist governments in the Eastern Bloc and other parts of the world. Sometimes this revolutionary wave is also called the Fall of Nations or the Autumn of Nations, a play on the term Spring of Nations that is sometimes used to describe the Revolutions of 1848 in Europe.
One potential major role of social economy organizations in sustainability transitions is the creation and mobilization of social capital. Yet, the social economy gathers very distinct organizational models which may be associated with different types and ...
Wiley2017
This thesis analyzes the interrelation between market structure and price formation in credit derivatives markets. Traditionally, credit derivatives are traded in relatively opaque over-the-counter markets in which trading is segmented and subject to many ...