Council for Mutual Economic Assistance (COMECON)
Definition
COMECON was an economic organization from 1949 to 1991 under the leadership of the Soviet Union that comprised Eastern Bloc countries and several socialist states elsewhere in the world.
Analogy
Think of COMECON as a study group where everyone shares their notes and resources to help each other succeed. In this case, the "notes and resources" are economic support and cooperation.
Related terms
Five-Year Plans: These were centralized and detailed lists of economic goals, created by Soviet Union and used by many other communist states.
Planned Economy: An economic system in which decisions regarding production, investment, prices etc. are planned out in advance by a central authority (usually government).
Socialist Market Economy: An economic system where state-owned enterprises (SOEs) play a dominant role but compete with private firms in an open market.
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