Reintegrating the World Economy

Abstract

Following the collapse of communism, the countries in transition wished to be reintegrated in the world economy as market economies, after decades of ‘bloc autarky’ within the Council for Mutual Economic Assistance (CMEA). This has readily been accepted in principle in the West. It was expected that these countries would take action to abandon their past behaviour as ‘state-trading’ countries and become ‘normal’ partners.