chapter  2
20 Pages

Czecho-Slovak survey

ByMartin Kupka, Zdenek Tuma, Jozef Zieleniec

Looking at the whole spectrum of systems extending between the extremes of pure command and pure market, one could find the Czecho-Slovak economy of the period starting in early 1950s and ending in 1990, undisputably close to the former. Nevertheless, due to a combination of persistence of those few market elements and the pre-war tradition, Czecho-Slovakia pursued relatively sound monetary and fiscal policies, achieving, inter alia, a state budget close to balance, low rates of open and hidden inflation, only limited monetary overhang and relatively low foreign indebtedness.