000			03073nam a22005057u 4500
001			pwiiw7080
003			OSt
005			20260518120019.0
008			241129t2024 au ||||| |||| 00| ||eng d
040			_cOSt
041			_aeng
084			_aN14 _aP20 _aP24 _aP27 _2jelc
100	1		_aGrieveson, Richard
245	1	0	_aThe jockey, horse and racetrack revisited: Why did CESEE’s command economies collapse?
260			_aWien : _bWiener Institut für Internationale Wirtschaftsvergleiche (wiiw), _c2024.
300			_a57 S., _b8 Tables and 25 Figures, _c30cm.
490	1		_awiiw Research Reports _v477
520			_aWhy did the socialist system that dominated Eastern European countries for much of the 20th century collapse around 1990? Drawing on the newly released wiiw COMECON Dataset and reports that the wiiw was publishing at that time, we explore whether the collapse was due to unfixable systemic flaws of the socialist economies, an unfavourable global environment since the mid-1970s, or policy mistakes made by socialist leaders. Our analysis concludes that all three factors contributed to the collapse. Although the international context – with rising oil prices and interest rates – and the limited openness and competitiveness of socialist economies presented significant challenges, these economies might have survived without the sharp rise in borrowing during the 1970s, the Soviet Union’s squandering of the oil windfall between 1973 and 1985, the failure of Gorbachev’s reforms in the late 1980s, and exchange rate mismanagement in Hungary, Poland, Romania and Yugoslavia. A particularly grave policy mistake was the Soviet Union’s 1975 decision to replace the fixed five-year oil pricing system with one based on annual adjustments using a five-year moving average tied to world market prices, which exposed the COMECON countries to the full force of the 1970s energy crisis, thereby triggering – or at least catalysing – the system’s collapse. Finally, we also find that extreme weather events played a significant role by causing crop failures, which led to a loss of hard currency export revenues and subsequent current account issues. wiiw COMECON Dataset: https://comecon.wiiw.ac.at/
650			_asocialism
650			_acommunism
650			_aCOMECON
650			_aEastern Bloc
650			_acollapse
650			_asystemic deficiencies
650			_ainternational environment
650			_apolicy mistakes
650			_aclimate crisis
650			_aenergy crisis
651			_aBulgaria
651			_aCESEE
651			_aCSSR - Czechoslovakia
651			_aEast Germany
651			_aHungary
651			_aPoland
651			_aRomania
651			_aUSSR - Soviet Union
651			_aYugoslavia
690			_aMacroeconomic Analysis and Policy
690			_aInternational Trade, Competitiveness and FDI
700	1		_aHolzner, Mario
700	1		_aJovanović, Branimir
830		0	_v477 _wWIIW0000048 _twiiw Research Reports
856	4	0	_uhttps://wiiw.ac.at/p-7080.html
942			_cP
999			_c9109 _d9109