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Extra resources for Economic Relations between East and West: Proceedings of a Conference held by the International Economic Association at Dresden, GDR
Levcik and J. Stankovsky of the Vienna Institute for Comparative Economic Studies, for providing information and ideas. Nemschak - East- West Relations and World Trends 25 major economic indicators of the Western world, was characteristic of the situation at this time. The oil crisis - for some time intensified by a partial embargo - combined with rising raw material prices, led many employers in the West to stockpile, somewhat hurriedly, oil and raw materials. With the fast-developing recession these stockpiles proved too big, and towards the end of 1974 they were reduced.
He noted that Professor Nemschak and Professor Holzman interpreted the CMEA as a tightly knit preferential trading area, just as Professor Schmidt spoke of the EEC as 'closed'. The relations of the EEC with developing countries were characterised, however, by tariff concessions under the Lome Convention, by association arrangements for Greece and Turkey and by the extension of preferences to Romania and Yugoslavia; and it had also made tariff concessions to ex-EFTA states. Noting Professor Nemschak's suggestion that one piece of 'reciprocity' for extension of more than formal mfn treatment (Le.
For these reasons, I do not plead for a free-market economy which, in any case, has long since gone; but, rather, I am thinking of a market economy with numerous elements of economic planning which, based on a workable system of international law, would lead to a better division of labour and to an Nemschak - East- West Relations and World Trends 29 increase in world trade. In this economic:,: panorama, in which the difficult structural problems of the highly developed industrial countries have been only briefly outlined, the place of economic relations between East and West now has to be seen.