The Czechoslovak economy always has been heavily dependent on exports, especially of manufactured goods, and on imports, especially of raw materials. In 1937 total exports amounted to 20 per cent and total imports1 to 18 per cent of the current national income. (This ratio does not, of course, reflect the real contribution of foreign trade toward the formation of national income.) The corresponding prewar figures for such a "classical" world-trade country as the United Kingdom were only 11 per cent and 19 per cent for exports and imports, respectively. In 1948, Czechoslovak exports amounted to 18 per cent and imports1 also to 18 per cent of the current national income, while the corresponding figures for the United Kingdom were 17 per cent and 21 per cent. The ratio of external trade to national income of Czechoslovakia, however, would be misleading from 1948 on because, since the introduction of comprehensive central planning and a state monopoly of external trade, export-import prices have been completely divorced from internal price structure, and the Marxist method of calculating national income is different from the Western method.2 Per capita exports and imports in current dollars, in____________________
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Book title: Central Planning in Czechoslovakia:Organization for Growth in a Mature Economy. Contributors: Jan M. Michal - Author. Publisher: Stanford University Press. Place of publication: Stanford, CA. Publication year: 1960. Page number: 96.