Economy of the Socialist Federal Republic of Yugoslavia

Economy Of The Socialist Federal Republic Of Yugoslavia

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Economy of the Socialist Federal Republic of Yugoslavia

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Despite common origins, the economy of the Socialist Federal Republic of Yugoslavia (SFRY) was much different from economies of the Soviet Union and other Eastern European socialist countries, especially after the Yugoslav-Soviet break-up of 1948. The occupation and liberation struggle in World War II left Yugoslavia's infrastructure devastated. Even the most developed parts of the country were largely rural and the little industry the country had was largely damaged or destroyed.

Post-war years

The first postwar years saw implementation of Soviet-style five-year plans and reconstruction through massive voluntary work. The countryside was electrified and heavy industry was developed. The economy was organized as a mixed planned socialist economy and a decentralized, worker managed market socialist economy: factories were nationalized, and workers were entitled to a certain share of their profits.

Privately owned craftshops could employ up to 4 people per owner. The land was partially nationalised and redistributed, and partially collectivised. Farmer households could own up to 10 hectares of land per person and the excess farmland was owned by co-ops, agricultural companies or local communities. These could sell and buy land, as well as give it to people in perpetual lease.

After Yugoslavia's split with the Soviet Union, the West came to Yugoslavia's aid by providing loans and military assistance.Jeanne M. Haskin. Bosnia and Beyond: The "quiet"......
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