Collapse of third Czechoslovak five-year plan (1961-1962) : Imbalance mechanisms in central rationing economy model in understanding of Zdislav Šulc
2015
Abstract
The study analyses causes of deep slump of Czechoslovak economy during 1961 - 1962. Analysis is based on findings of theoretical working of rationing economy made by economist Zdeněk Šulc.
It examines influence of ideology on economic development and causes of stopping of economic reform and returning to centrally-prescriptive controlled economy. The aim of this paper is to describe mechanisms which permanently generated excess of demand for investment (specific multiplier, prolonged delay) and became the main cause of crisis development within economic cycle.