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AllRefer.com - Council for Mutual Economic Assistance (International Organizations) - Encyclopedia |
 | | Council for Mutual Economic Assistance (COMECON or MEA), international organization active between 1956 and 1991 for the coordination of economic policy among certain nations then under Communist domination, including Albania (which did not participate after 1961), Bulgaria, Cuba, Czechoslovakia, East Germany, Hungary, Mongolia, Poland, Romania, and the Soviet Union. |
 | | The charter gave COMECON the same international status as the European Economic Community (Common Market), but the structure was controlled by heads of state. |
 | | COMECON undertook large-scale measures for organization of industrial production and coordination of economic development through a series of five-year plans (195685), but, despite attempts at integration, most trade was strictly bilateral; planned economies had limited mechanisms for transferring trade surpluses or deficits to third world countries. |
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