ABSTRACT
A specific Czechoslovak market economy first came into being after 1918. Before this, the Czech Lands and Slovakia were integral parts of the economic structure of the Habsburg monarchy. Bohemia and Moravia had developed into the most advanced part of Austria-Hungary and the remaining, relatively backward territory of the Dual Monarchy represented a protected market for their industry. To the east, on the other hand, Slovakia entered the new state with an underdeveloped industry and the Carpatho-Ukraine, which became part of Czechoslovakia in 1919, ranked among the most underdeveloped parts of Transleithania.
