Word: westernness
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Dates: during 1960-1969
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...This is the treatment of democratic socialism in Ec 1 readings. However, this should not merely be viewed as a special interest plea. Governments professing democratic socialist beliefs are in power through free elections in almost twenty countries in the world, including many of the most important countries in Western Europe. Although the systems currently existing in these countries are not socialist at the moment, democratic socialist governments are working towards those ends, realizing that they cannot be immediately achieved. Therefore, the importance of democratic socialism as an economic theory justifies a less confusing attention to the subject...
Under a new, precedent-breaking foreign-investment code, Western firms will be allowed to provide up to 50% of a Yugoslavian company's capital. Foreign partners will be guaranteed not only their share of profits but also the right to pull out when they see fit. Almost apologetically, Yugoslavian Federal Assembly President Edvard Kardelj assures his Communist colleagues that the investment code was the only alternative to "becoming an economic and political appendage of the more developed countries...
...Status, No Seat. Prosperous on its own and already privy to such Western money sources as the International Monetary Fund (of which it is the only Communist member), Yugoslavia is not after cash so much as other kinds of capital. To compete in export markets, Yugoslavian companies sorely need Western patents, processes, sales contacts and simple managerial know...
...Western businessmen may still be wary. Yugoslavian firms are unalterably state-owned, run by managers vaguely responsible to "supervisory councils" of workers elected by the rank and file. Foreign partners will receive no legal ownership status-not even a seat on the often obstreperous workers' councils, which have been known to vote themselves unconscionable wage increases. As far as a voice in management goes, investors can lay down policy guidelines when they sign initial contracts with individual Yugoslav companies; thereafter they will be pretty much limited to keeping unofficial advisers at the Yugoslavian managers' elbows...
...that, many Westerners are eager to make use of Yugoslavia's cheap labor and get in on the growing East European market for Western goods. Several Swedish firms have announced that they are looking for Yugoslav partners "on the condition that business risk be shared, as well as profits." West Germany's Volkswagen is so anxious to set up an assembly plant with Yugoslavia's Dalmaciya Auto that it is offering a full 49% of the necessary cash as investment capital under the code and the remaining 51% as a long-term loan...