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Word: comecon (lookup in dictionary) (lookup stats)
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While Russia's grain shortage makes the news, it is only the most prominent of a whole basketful of economic problems that plague the Communist bloc. COMECON, the eight-nation group created by the Communists in frank imitation of the Common Market, not only has failed to relieve the economic chaos in Eastern Europe, but in many ways has actually worsened it. So nightmarish is their job that the satellite economists have begun to grumble openly...

Author: /time Magazine | Title: Eastern Europe: How the Other Half Lives | 1/24/1964 | See Source »

...group of leading Czech economists recently blasted nationalization and collectivization, and called for the introduction of a price system based on supply and demand. In Hungary, Trade Expert Imre Vajda last month deplored COMECON's "regrettable sluggishness" and "antiquated concepts," called for more "endeavor to cooperate with capitalist enterprises...

Author: /time Magazine | Title: Eastern Europe: How the Other Half Lives | 1/24/1964 | See Source »

Disillusioned by COMECON's failure, Eastern Europe is indeed turning to the West for more trade and technology. Czechoslovakia last week was in the final stages of negotiating the $31 million purchase of a petrochemical plant and steel-mill equipment from Britain, and Poland was dickering to buy more U.S. wheat. But it will take a good deal more than increased trade with the West to solve Eastern Europe's widespread economic problems. Items...

Author: /time Magazine | Title: Eastern Europe: How the Other Half Lives | 1/24/1964 | See Source »

...Communism than Yugoslavia's "revisionism." But Tito and his guest seemed to shy away from much closer relations. Tito ignored Khrushchev's apparent desire to address the Yugoslav parliament, and Russia cold-shouldered Yugoslavia's request for massive economic aid, granted Belgrade only observer status in Comecon, the satellites' more or less common market. "Differences still exist between us on party matters," said one Yugoslav official. "If we press for closer contacts, an open quarrel might develop...

Author: /time Magazine | Title: Communists: Advice from the Host | 9/6/1963 | See Source »

...height of his quarrel with Peking, and with a certain unrest among the Soviet satellites, Khrushchev was clearly drawing closer to Tito, even hinted that Yugoslavia might be allowed to participate in Comecon, the creaky Eastern common market. Tito in turn seemed determined to suggest that, even if Moscow accepts him wholeheartedly as a comrade, he retain his independence; in doing so he presumably had an eye on Washington, where Congress this week considers whether to restore the previously canceled most-favored-nation rating for Yugoslav exports to the U.S. Cracked a Yugoslav official: "We didn't sign...

Author: /time Magazine | Title: Communists: A Fan of Henry Ford's | 8/30/1963 | See Source »

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