Word: yugoslavic
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...Sveti Stevan, a 15th century town on a rock outcropping that rises dramatically out of the Adriatic and is connected to the mainland by a causeway that also serves as two splendid beaches. Once a fortress, then a fishing village, then abandoned entirely, it was transformed by the Yugoslav government in 1960 into a town-hotel to attract tourists from Europe and the U.S. The interiors of the old fishermen's houses in the winding streets and tiny flowered squares have been done over as comfortable modern suites with all the conveniences. The town is also equipped with...
When Yugoslavia decided to embark on its own road to socialism, it also decided to chuck doctrinaire economic rules and let its economy operate more or less according to the principles of free enterprise. Yugoslav businessmen, though still subject to more controls than in the West, are therefore unique in the Communist world in their respect for the profit motive, the laws of supply and demand and the necessity of competition. One of the most remarkable of the capitalistic comrades who are putting the dynamics of the free market to work under Communism is a former partisan fighter and devoted...
...fond of repeating such familiar free enterprise lines as "The customer is always right" and "We have to grow or die." He particularly believes the latter, and has just embarked on an ambitious plan that aims at nothing less than converting Sljeme into, as he puts it, "a Yugoslav combination of Howard Johnson's, Safeway and Swift, with a little Conrad Hilton thrown in." Marton intends to spend $50 million by 1970 to build restaurants, motels, supermarkets and processing plants. Last week his program was well under way: four motels and restaurants along the Adriatic coast were nearly completed...
...because of his credentials as a trusted Communist, had no formal business training. But he made Sljeme prosper because of his skill as a manager, his ability to outwit competitors and his readiness to adopt the modern techniques and philosophy of capitalism. This was possible because, though all major Yugoslav industry is owned by the state, the state itself does not run businesses. Workers' councils that operate somewhat like boards of directors are elected by the workers, hire a managing director and hold him responsible for the firm's profitability. Marton had to overcome his cautious board...
...whose iron-roofed sheds are crowded the stalls of 800 produce growers and 200 agents. Work in the market starts at 2 a.m. as trucks roll in with produce from Victoria, New South Wales, Tasmania and Queensland, and the stalls fill with a babble of Mediterranean tongues-Italian, Greek, Yugoslav-as well as Australian-twanged English. Trading is almost entirely in cash, and an estimated $45 million worth of fruits and vegetables pass through Victoria Market every year...