Economy Of East Germany
Like other states which were members of the Comecon, the German Democratic Republic (GDR – East Germany) had a centrally planned economy (CPE) similar to the one in the former Soviet Union, in contrast to the market economies or mixed economies of capitalist states. The state established production targets and prices, and allocated resources, codifying these decisions in a comprehensive plan or a set thereof. The means of production were almost entirely state-owned. The East German economy was the Soviet Bloc's largest economy and one of the most stable economies in the Communist World until the early 1990s when Communism was brought to collapse, and finally the disintegration of the Soviet Union in 1991.
Read more about Economy Of East Germany: Central Planning, State Industrial Sector, Agriculture
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“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“The East is marvellously interesting for tracing our steps back. But for going forward, it is nothing. All it can hope for is to be fertilised by Europe, so that it can start on a new phase.”
—D.H. (David Herbert)
“If Germany is to become a colonising power, all I say is, “God speed her!” She becomes our ally and partner in the execution of the great purposes of Providence for the advantage of mankind.”
—W.E. (William Ewart)