Search results for " capital abundance"

ON THE ONSET OF POST-COMMUNIST INDUSTRIAL DEVELOPMENT IN CENTRAL AND EAST EUROPEAN ECONOMIES

2013

In the course of the last twenty odd years, Central and East-European economies have been striving to reform an inherited flawed trade structure, in an attempt to increase their industrial competitiveness and improve their position within the international division of labor. The respective countries have gone through an industrial metamorphosis that swept away the legacy of socialist autarky, making them better-equipped to deal with globalization challenges. The dismantling of the COMECON forced CEEs to institute severe constraints on public budgets; as a consequence, the price of physical capital edged up relative to the price of labor thereby making the respective economies relative abund…