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
Famous quotes containing the words economy, east and/or germany:
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“Once did She hold the gorgeous East in fee;
And was the safeguard of the West:”
—William Wordsworth (1770–1850)
“It is the emotions to which one objects in Germany most of all.”
—Franz Grillparzer (1791–1872)