TITLE

PLANNING THROUGH THE MARKET

AUTHOR(S)
Stanovnik, Janez
PUB. DATE
January 1962
SOURCE
Foreign Affairs;Jan1962, Vol. 40 Issue 2, p252
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article focuses on the Jugoslav economic system of the 1950's. The fundamental principles of Marxist socialist economy have been applied in an unconventional manner, for it was decided that a solution had to be found simultaneously both for the problem of accelerating economic growth and for attaining an open economy in which the principle of economic coexistence could be implemented through the international market. The capitalist system which had been in force in Jugoslavia in the interwar period had barely achieved a 1 percent rate of increase in the national income, and it had led to complete social stagnation. Similarly, the centralized administrative system in the early postwar period also failed to secure a higher rate of growth. Although this system made possible the construction of some basic industries which served to promote further progress, the system itself created bureaucratic rigidity and economic inefficiency. After abandoning the detailed operational planning of 1947-1952, and all through the succeeding period up to 1957, there were no long-term Jugoslav economic plans. Attempts were made, however, to introduce the new approach gradually through changes in annual plans. In these, direct physical planning was almost entirely absent, but they still did not remove altogether the administration's interference in the economic process, because they set certain standards in various areas of the economy which were of key importance.
ACCESSION #
14718332

 

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