czechoslovakia's economy
Czechoslovakia had a well-developed and balanced economy up until it was under the Soviets control after World War Two. In 1948 the Communist party took control of the country. It began to nationalize the economy,but foreign trade and domestic wholesale had already been nationalized before the communist takeover . By the early 1960's the economy became stagnant. The economic policies became ineffective. This occurred because the government began to stress heavy industry instead of things agriculture and consumer goods. Although heavy industry received economic support, in the 50s the plan resulted in a waste and insufficient use of recourses. The high labor turnover, low production,and poor quality were because of poor labor and management. The economic
failures reached a critical low in the 60's even after the
many reforms that brought forth no results. The
government began Five-Year plans, but by the end of the
first one inflation and imbalance that developed a currency
conversion in 1953. this wiped out people's savings and provoked outbreaks.
failures reached a critical low in the 60's even after the
many reforms that brought forth no results. The
government began Five-Year plans, but by the end of the
first one inflation and imbalance that developed a currency
conversion in 1953. this wiped out people's savings and provoked outbreaks.