CMEA’s International Investment Bank and the crisis of developed socialism

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Show simple item record Stone, David R. 2012-08-03T14:49:34Z 2012-08-03T14:49:34Z 2012-08-03
dc.description.abstract In 1971 the Soviet bloc's Council for Mutual Economic Assistance (CMEA) created the International Investment Bank (IIB). The IIB was part of a broader effort to adopt market-based reforms in all the East-bloc economies. The bank was designed to promote competition for loans and rigorous vetting of projects, ostensibly resulting in greater CMEA integration and production that met world standards of quality. But this scenario ultimately did not pan out. Instead, the IIB became a mere conduit for Western finance, focusing not on high technology but on natural resource extraction, particularly the construction of the Soyuz natural gas pipeline. More fundamentally, the IIB could not function properly without market-determined prices and convertible currencies. Although economic authorities in the Soviet bloc fully recognized the constraints on the IIB, they were unwilling to abandon fundamental principles of the Soviet economic system. en_US
dc.relation.uri en_US
dc.rights © 2008 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology en_US
dc.subject International Investment Bank en_US
dc.subject Council for Mutual Economic Assistance (CMEA) en_US
dc.subject Socialism en_US
dc.subject Soviet Union en_US
dc.subject Multilateral economic interactions en_US
dc.title CMEA’s International Investment Bank and the crisis of developed socialism en_US
dc.type Article (publisher version) en_US 2008 en_US
dc.citation.doi doi:10.1162/jcws.2008.10.3.48 en_US
dc.citation.epage 77 en_US
dc.citation.issue 3 en_US
dc.citation.jtitle Journal of Cold War Studies en_US
dc.citation.spage 48 en_US
dc.citation.volume 10 en_US
dc.contributor.authoreid stone en_US

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