Trade With Socialist Countries
In the late 1980s, the Soviet Union traded with fourteen socialist countries. The political and economic relationships between the Soviet Union and these countries determine the four groups into which these countries can be divided: members of Comecon; Yugoslavia; China; and the developing communist countries of Cambodia, Laos, and the Democratic People's Republic of Korea (North Korea).
Business with socialist countries was conducted on a bilateral, country-by-country basis in which imports balanced exports. Soviet oil exports to these countries bought machinery and equipment and industrial consumer goods, as well as political support without the expenditure of freely convertible foreign currency. In addition, Soviet aid programs, which took the form of direct loans or trade subsidies, almost exclusively involved socialist countries.
Read more about this topic: Foreign Trade Of The Soviet Union
Famous quotes containing the words trade, socialist and/or countries:
“No king on earth is as safe in his job as a Trade Union official. There is only one thing that can get him sacked; and that is drink. Not even that, as long as he doesn’t actually fall down.”
—George Bernard Shaw (1856–1950)
“I pass the test that says a man who isn’t a socialist at 20 has no heart, and a man who is a socialist at 40 has no head.”
—William Casey (1913–1987)
“The man who loves other countries as much as his own stands on a level with the man who loves other women as much as he loves his own wife.”
—Theodore Roosevelt (1858–1919)