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"FOREIGN TRADE CONSTRAINT" AND CYCLICAL DEVELOPMENT

J. SUBA-VARGA
Acta Oeconomica
Vol. 36, No. 3/4 (1986), pp. 251-270
Published by: Akadémiai Kiadó
Stable URL: http://www.jstor.org/stable/40729238
Page Count: 20
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"FOREIGN TRADE CONSTRAINT" AND CYCLICAL DEVELOPMENT
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Abstract

The article examines the theoretical concept that foreign trade may be a constraint on growth. The concept has appeared in the growth theories of both the developing and the socialist countries, ancl in both cases a connection can be found between the cyclical development of these countries and the concept of such constraint. Cyclical development of Hungarian foreign trade shows that the difficulties in balancing trade which regularly proved to put a ceiling on the expansion of investment activity were only characteristic in the trade with Western countries. The inclination to deficit on this market is an aspect of the chronic shortage economy and of the traditional mechanism of directive planning conforming to the former. According to the experiences of economic history, autarchy and seclusion from the world market did not abolish the "foreign trade constraint", on the contrary: as a rule, it aggravated the latter.

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