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The Dilemma of Yugoslav Market Socialism |
| Section: CURRENT ISSUES / ANALYSIS |
| Author: Robin Alison Remington |
| Publication: The world & I online |
| Issue Date: 1/1/1988 |
| Size: 3,175 Words, 20,384 Characters |
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The specter of widespread bankruptcy is haunting the Yugoslav economy.
In August 1987 the Titograd Construction Enterprise was forced into liquidation. Some 1,600 workers in Montenegro became a part of Yugoslavia's unemployment statistics. They joined an estimated 1.1 million Yugoslavs already out of work, roughly 17 percent of the country's 6.8 million work force.
The liquidation was a result of bankruptcy legislation that went into effect in July 1987. The Montenegrin construction workers were the first victims of Prime Minister Branko Mikulic's determination to establish fiscal discipline on the part of Yugoslav enterprise, which is notorious for running at a loss. The new law put enterprises that could not balance their books on notice that if their finances were not in sh...
. . .
...in itself is more impressive than it might sound to most Americans, if it's measured against the achievements of other political systems faced with comparable economic and ethnic pressures.
Whether or not bankruptcy is the medicine needed for the ailments of Yugoslav economy remains to be seen in the context of the measures sent to the Yugoslav National Assembly to treat the patient. vbcrlf
(812 of 20,384 characters)
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