ECONOMIC REFORM IN THE SOVIET CONSUMER INDUSTRIES

Created: 1/1/1965

OCR scan of the original document, errors are possible

J. Introduction

Ab the availability of clothing, ehoea, end other consumer items hes Increased in the USSR ln recent yeare, Soviet planners have found lt Increasingly difficult to satisfy the consigner, who for the first tlae ln Soviet history hae found it poielble to be -ere selective in hie purchaser The traditional centralized management of production bad worked reasonably well in the USSR when queues and ihorixiges guaranteedhoddy suithapeless dress vould be sold. Oncehreadbare existence,

however, the Soviet consumer was quick to >le;aand, increased quality, wider variety, and greater attention to style.

as total retail sales since

Since thes the conindustries and the trade network ln the USSR have not been able effic .ently- to produce end sell the larger quan titles of goods that have been ruevailaole. Large amounts of the goods ectually produced either vere not sold at ell, or vere sold only after long delays and sharp reductions in price- Because customers vere unwilling to buy textiles, clothing, end footvsar that were shoddy, poorly designed, or unattractive, inventories of these products have grown nearly twice at fast

Tbe vcluae of total retail sales did

When price reductions and the introduction of.installment credit proved unsuccessful, Soviet officials decided to tackle the problem of inventory

accumulation and buyer resistancereeder front by introducing changes In management and control at the plant levtl designed to moke producers more responsive to consumer demand. Accordingly, inxperiments vere begun in two clothing plants to tret the effectiveness of tvoasing production piano on direct contractu with retail stores and establishing profitability (the ratio of profit to production cost) as the main criterion for measuring plant performance aid reverting managers. The profitability principle had already beeny Ye.iberoan, vho argued that econcraic efficiency could be raised considerably by its use, coupled viih zhe granting of ^freedomtlon to enterprise managers3/

Inix months aiter the Initial experiments began at the two clothing plants, Soviet planners expanded the experiment to include morenterprleea in light industryew plants in the food industry-While these experiments were stilL ln process, the Soviet leadership announced plansuch broader reform of planning and management that ultimately would encompass all of Soviet Industry-

Tnis report traces the evolution of tte recent reforae in the consumer industries, describes the problems and th< initial results, analyzes the role of the consumer industries ln shaping the industry-vide reforms^ and evaluates she prospects for achievement of the major objectives of the reforms increased efficiency of enterprises and greater satisfaction of consumers.

Inn experiment in decentralized control of enterprise operations was begun in two large clothinghe Bol'ehevichka plant in Moscow and the Mayak plant in Gor'kiy. kf Major features of the new system were: <l) the establishment of profitability as the main indicator for evaluating the success of the enterprise and for rewarding itshe use of direct contracts between producers and retailers na the basis for planning and production- Central control was maintained over prices and major capital Investments, and the overr.ll targets for sales and profitability were established centrally. Otherwise, plant managers were free to make decisions without consulting higher authorities; for example, they could set thefor materials and labor^ and fix the size and distribution of the wage fund/ Plant managers also arranged contractual agreements vith retailers for models and designs, assortments, delivery dates, and the details of transfer and storage. Fines wave imposed for failure to honor terms of the contracts. Bonuses for managerial and other salariedere based on the level of profitability and vere paid out of profit accumulations, provided thac the sales plan was fulfilled* Although wage rates for production workers vere baaed on scales set centrally for. the clothing industry, management wasto experiment with bonus scheaeB designed to Improve/

Even though the basic prices for clothing were those of the established price lists, enterprise managers and trade officials were given considerable

*The profitability indicator is.defined asvthe ratio of profit to the costand in this report, sny-refefmnee to profitability refers to such In contrast, under Liberman's formula and that used ln the generalinrofitability is defined as the ratio of profitsInvestmentixed plus working

freedom to raise prices to cover the additional coete resulting fromin quality and changes in style and astortaent. The freedom to make such price adjustments thusey provision of the experiments;the enterprises vould have Incurred losses, aince they were not permitted to adjust profit margins.

The two plants concentrated on introducing nev styles, improvingand reorganising production lines ao aa to operate more efficiently. Both Bol'shevichka, which producesen's suits annually, and Kayak, which produces various kinds of women's and children's clothing, made extenalve changes in plant operation and mar-ageoent. Nev design departments were set up, retail outlets tested conaumer acceptability of new suits, coats, and dresses, and many old lines of goods vere discontinued. Special accounting and salee procedures were establiehed to handle contracts with suppliers of raw materials and with retail stores. In order to respond to the demand for broader assortments, maee-production was replaced by amaller production runs. Quality control was tightened so oa to ej-fciinate many defect* normally tolerated under the old system. By delivering direct to retail stores the two pilot plants completely bypassed the wholesale network to which they formerly

dellvered all finished >

" '

During the first few months of the experiment the two plants began to

'.

have difficulty with the new economic incentlvea, vhich linked managerial bonuses directly to the profitabl.ity rate achieved by the enterprlae. Because

the profit marglne were fixed and varied grratly among the various models of clothing, vide fluctuations in profitability occurredesult ofshifts in product assortment ulnia sajsnssskfresponse to changes in customer requirements. esult, managers sometineu vere penalized rather than rewarded for their efforts. To overcome this difficulty, in5 the aales plan rather than the profitability plan was made the baais on which bonuses for management were paid, with the provlao that the profit plan also be fulfilled. 6/ By the endull year's operation this problemhad been worked out. Indeed, the managers of Bol'shovlchka end Mayak attributed much of the auccess of the experiment to the effectiveness of the new bonus system which, they maintained, not only promoted better product roader assortment of goods,eneral up-grading of quality, but also stimulated the enterprise to fulfill the plana, "jj

Results byhowed that key indicatorsutput, profit, and profitabilityat both the firme were above their pro-teat levels. During the first half5 Bol'shevlchka increased its output in physical uniteercent compared vith the first halft, even though the volume

of sales in teime of value was lower. The drop in aales resulted from a

decline ofercent ln the averuge price par suit, because consumers

preferred to buy the new medium priced,auita, rather than the high priced

9 i j'tf

suits previously produced. Even so, the finnrofitability rate

year. The higher rate of profitability flungeste that increase in Borne

inequitably low profit margins were occasionally allowed under the exper-

iments, despite official statements that there would be no tampering with

profit margins.

After initial declines in the early.months of the test, output and

profits at Mayak recovered former levels, and5 the plant exceeded

the very high profitability rote (l8 percent) that was planned. The firm

concentrated on the development of new models of high quality, and as b

fodels prod iced at Mayakere new. Nylon

rsinccats and winter coats of dacron and vocl blends, both in great demand, were produced at considerably higier levels than the fino had anticipated.

The commodity turnover rate reportedly Increased by three times, and the normally extensive returns of defective merchandise from stores vere almost

eliminated. 8/ The increased dec and for cocde produced by Kayak made neces-

sary some expansion of its capacity, and construction of an additional plant

is now in the planning stage.

In spite of the difficulties the two firms encountered in adjusting to the new economic Indicators, Soviet officials obviously considered the Sol'Bhevlchka and Mayak experlmects successful- After only slx'months of the experiment, plant managers and planning officials alike seemed to be

convinced that the new systemeans by which goods could be pro-

duced more efficiently in reoponce to changes in consumer demand. At both

plants the product Improved markedly and icld readily. Besides thebonusowever, other problems arose, indicating thatahead would not be smooth. Officials of the sovnarkhozes neverto the increased indepmdence of the two plants. Suppliers infailed to deliver on schedule, caking difficult the completionplants' contracts. Bol1ehevl :hka and Mayak were able to circumventthe minor problems, .because tho experiments were carried out under ahigher priority than normally eccordel tha consumer induetriee. Theoperated successfullyhe newut in retrospect ltto sea how, under the conditions of the experiment, they could Whether the problema tha^ become ipparent would be soluble underextension of the new system in che coneumer induetriee wasopen.

*

III. Experiments During

A- Expansion of the Test

In5 the Soviet govamor.-nt, satisfied with the results at Bol"ahevichka and Mayak, decided to broaden the experiments to include about LOO enterprises of light locuatry :aoii its/ About one-

* Including all clothing and footwear plantc and associations in Moscow, Leningrad, Kiev, Odessa, Khar'kov,vov, Vil'nyus, Tallin,umber ln Kazakhstan, Moldavia, andepublics of Central Asia and the Transcaucasus- In theeparate experiment involved two light industry planta, three planta in the machinery and metalworklng branch, and several coal mince, but these experiments,ariety of planning procedures beaidea those being tested in the consumer sectors, were never carried to completion.

of all clothing plantsarger share of footwear plants

were scheduled to take pert In th" broadenrd experiment In the third quarter To prepare for thlaonversion, nearly one-fifth of the textile0 percent of the capacity of the industry because of the incluaion of many large mills) and nearly one third of the leather plants were to begin to shift to the new system in the second Plana for broadening the experiment were carried outchedule. By the end5 almost ell of0 enterprises reportedly had made the In addition, two confectioneryeet processing plant,ilk products plant began working under the new system inj/

ew significant changes were made, the plants brought into

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the experiment5 worked under essentially the same set of planning procedures that had been teated at Bol*ehevichka and Kayak. The first and most significant change, previously described, waa that made ln the system of bonus payments to plant managers. This change was accomplished by a

decree adopted early5 by the State Ccaaaittee on Labor and Wages, under

which bonuses for managerial employees .of the firms transferred to the new

*

system of planning were made to depend on fulfilling the 'sales plan (rather than the plan for profitability) under the single condition that the plan for profits wasurther move to ensure success of the newpecial fund was established at the sovnarkhoi level toenterprises for losses in profits resulting from changes in the product mix in those cases where inconsistencies in the fixed profit caused

thc loss. The second significant change was that under the extension the

producing fires contracted vith vholccalerr and associations of retailerss well as with individual retail store*. Bel1ehevichka and Mayak had doalt directly only vith the retail stores.

Other changes restricted Borne of the managerial freedoms thatthe first test. During the initial tost, enterprise managers and retailer* cooperated la the setting of higher prlceSjbut in5 extensions price increases necessitated by improvementa In quality or design required approval by the eovnarkhoi. Also, certain geographical restrictions were imposed in the letting of contracts. Whereas Bol'shevichka and Mayak had been free to make contracts with stores or supplier plants ln any part of the country, firms Included in5 teats could not negotiate contracts vith plants outside their republics or oblatts. Ih/

B. Enterprise Performance

The ease vith which plant* were able to transfer over to the new system was quite uneven and apparently depended primarily on the previous efficiency of enterprise operations and on the initiative of managers and

their ability to get thing* done without detailed guidance froa above. In

far

Kiev^the "Ukraine" Sewing Asaociatlon made the change to production on the

bm.in of contractsimultaneous Increase ln output, whereas several

clothing plants in Leningrad, such as the Volodarskly Factory, experienced

a decline ln production and profit* and failed to meet contractual obligations.

In general, enterprises changing over to tbe new system encountered three major problems: ailure to receive deliveries of materialstorrational differences ln fixed profit margins which affected profits and bonuoes,igher operating costfl brought about by changes ln product mix and ln the scale of operation'

Problems of materials supply, which red been serious even during the

teste at Bol'ahevlchka and Kayak, continued under the extension and occurred mainly because plants working undir the new system had goals (the earning of profit)onflicted withf enterprises still operating under the old rules. The extension of the experiment to suppliere of textiles, leather, and other raw materials eased the Immediate problem of material supplieshe final goodslMlar problem quickly arose for the supplier plants. Producers of textiles, for example, found lt difficult or Impossible to honor delivery contract* for fabric* when the producer* of fibers, dyes, and other essential materials were still under the old system. The Minister of Light Industry, N- H. Taresov, on behalf of the plant* experimenting with direct contracts, complained particularly, that the chemical industry failed to supply the textile industry with good quality

yes and special materials.e*ult clothing firms often were forced to contract with buyer* for product* for which the required textile materials were available, rather than for the good* that consuaers wanted. Difficulties in obtaining supplie* also made necessary the carrying

of unusually large Inventoriee of fabrics Bad other material* In order to lr.oure delivery of finished goods on echedule. Thus, in attempting to solve the problem of eurplua inventoriet of clothing, producers vera forced to carry above-normal inventories of raw

Other problems at the enterprise level related to the uneven profit margins for various products allowed by tho established priceituation that made' for large dlfferencea in the profitability of making these products. The variations in profit margins mmBml from the fact that the setting of prices and thc fixing of profit and turnover tax* have long been used aa administrative toola to control overall production and consumption. Preaent prices and profit .margins are the reBultulti- pllclty of historical decisions o: planner, tade^in response to conditions that no longer exist. Profit margins on children's clothing, for example reflect pest deciaions of the reglae to keep retail prices lowatter of aocial policy, whereas profit targlna ft'rvomen'^Btyliah and expenaive

clothingesire.to discourage derand of such luxury items-

.

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Plants working under tha new system found that efficiency of operation was closely related to the eize of contracia. Most large enterpriaes pro-ducing consumer goods are geared to mass productionarticular range of products, whereas contracts baeed on customer demand often comprised differentiated assortment* and email lot* which planta could not readily

* For aewn clothing the turnover taxt.id.by tho manufacturer on the fabric and thua la Includedroduction cost, notax. On most other consumer good* the turnover.tax is added in at the vholeaale level andart of the wholesale'

adapt or the production of which raised production costs intolerably.

quence of the use of direct contnet* and thc greater independence of plant munagers resulted in many difficulties. PlrJt of all, direct contracting between plants and retailers aeri-usly threatened the authority of the whole* sale trade organizations, whose place in.tne new oystem wos never clearly defined during the test period. Bven though planner* may have recognized that the wholesale networkital'role to ploy ln general, they failed to prepare the wholesale trade ay tern for the changes ln operation* that necessarily would follow from the direct contracting feature* of the Plants transferring to the new system5 wereent In exercising their right to contract directly with retail *toree or supplier plants rather than with trade orrganizations. To complicate the

matter further^trade official*>io not agree on the functions that

the wholesalers should have under thc reforms. The Minister of Internal

Trade, A. Struyev, for example, while actaiovledging that certain large pro-

ducers should contract Independently with retailers, contends that wholesale

trade organizations should control the bulk of the contracting by acting aa

intermediary between producers and buyers. The trade organization, in his

view, should realign Its operation* so a* to concentrate on identifying

consumer preferences, placing ordara with producers, and assuring timely

deliveries of assortments on order to all but.the very large retail atorea.

Other trade offlcialeore limited role for the wholesalo organiza-

tions. According to thia view, producers would establish permanent ties with

nearby retail organizations or individual stores and the work of the whole-

sale network would be limited to coordinating orders between small producer*

and stores, handling interregional shipments, distributing imported good

and furnishing storage facilities aa

Another major obstacle to smooth operations encountered in the test period

was the widespread opposition of regional sovnarkhoz offlclala, who refused to

recognize the apeeial status of the experimental plants and continued to issue

orders, instructions, and plan* as usual. In manythe complete

Independence of enterprises envleioned under the -test procedurea did not exist

at all, because the old regulation* vere stronglyor example, the experimenting firma could not levy fines for failure to honor contracts,

ao allowed by test procedures, becauae the offices of arbitration under

aovnarkhoz control refused to recognize tn* validity of these procedures. In soae cases sovnarkhoz officialcontinued to Intervene in the affairs of tha experimenting enterprises byurgent" locsl orders and by assigning quotaa for delivery to the trade network. or example, sorearkhoz officiala directed the Bol'shevichka firm to sell to the Moscow wholesale0 euits of atlpulated fabrics and styles, completely'ignoring the right of the enterprise to contractwith retail stores. Sovnarkhoz officials continued to isaue plans for monthly production, coat reduction, laoor Inputs and the like. Sovnarkhoz interference at the Mayak firm waa even more troublesome. At one point, the manager at Mayak, under threat of adminiat native punishment, was even ordered to void the plant's contracts made under the teat rules and to beginaccording to orders from the sovnarkhoz;.thi* wa* inemand to revert to the former status. 2S/ In other caaes eovnarkhoz officials resorted to the use of the "preemptive order" to obstruct deliveries under contract. At the Glukhovo Cotton Combine in the Moscow area, for example, where production waa planned on the baale of direct contracts with retailers, the sovnarkhoz demanded that the direct contracts be cancelled and that deliveries be made to the central storage base. The Republic Ministry of Trade then cancelled thi* directive of the sovnarkhoz and ordered the combine toontract for delivery of it* total output to the

Other problems of enterpriser In the teat stage concerned the kinds

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of reports the plant* had to aUboLt to higher authorities. The guide lines

for the teet required that clothing and footwear plants evaluate their success on the basis of total sales and profitability, yet local officials pressed for the reporting of indicators according to normal industry practice. In many cases plants were required to subnit both sets of reports in order to satisfy the conflicting demands made upon them, gy IV. The Kosygin Reforms and the Conoumcr Sector

While the testing of reforms and the conversion of0 enterprises of light industry proceeded as scheduledoviet officials vere making even more widespread changes affecting thc control and management of all of industry. Clearly, thea* changes vere shaped by the re*ult* of the cxperimente-tlon in the consumer industries. ajor reform, announced by Premier Kosyginpeech before the Central Cccaiittee nf the Cerasun 1st Party of the USSR and adopted by the Supreme Soviet early inliminates many of the traditional indicators and controls ^tliat burdened enterprise management and elevates the importance of the "economicf profit and bonuses. Kosygin also recommended direct contracting among enterprises, emphasized

the value of sale* rather than ol gross output as the primary indicator of enterprise performance,and propoted that an Interest charge be levied on invested capital. ountermcasure to relaxation of control'at the plant level, the reform included an element of -rtronger centralization. Th* eovnarkhozes established by Khrurhechev7 to direct industry on a

regional basis vere abolished and replaced by new national*

* The 'tvo most Important ministries ln the consumer goods sector are the Ministry of Light Industry and the Ministry of the Food Industry.

The consumer industries vlll be the first to soke full scalethe nev system. The conversion of light Industry by major branches lsln the fourth quarter, vhen nev wholesale prices The conversion of all of the light and foodto be completed In preparation for the converaionarge numbers of Individual plants ara changingtha new system luring the first quarter6 lantsindustries transferred to the nev system, Including in

industry besides Bol'ahevichka, two woolen and ono cotton textile plants, and two knitwear plants located mainly ln the Moscow area. Also converted were plants of the food, meat, and dairy industries ae well as heavy Industrial planta producing chemicals, metals, and building In the

secondlants are acha-luled for converaion, and in tha

thirdhangeover is pli nned.for several' entire branches of consumer

industry; the most important ofare sugar, tea, liquor, and

A first official step ln imjlemontiai tho reform in5 was tha

issuancetatute on tha opeiatlon of the induetrial enterpriee that codifies

the nev freedoms and reaponaibil ties granted to enterprise management. 2g/ In

this statute, managers of coneumur goods plants are made specifically responsible for planning tha details of product assortments, for contracting with suppliers for materials and with the trade network or stores for deliveries, and for making numerous other decisions -iffoctlng pLant efficiency. Managers of

m mm

consumer goods plants are explicitly instructed to base output plans on direct contracts vith the trade network, whereas plants in other"'industries are merely encouraged to expand the use of direct contracts.

urther move to implement the reform, general methodological instructions were issued in0 to all branches of Industry for useuide in the conversion of plants to the new Inweeks, further instructions were promulgated setting forth specific guidelines for working out the details of tht bonus system and theof the enterprise fund for investment called for under the reform-Under the reforms the government atlll will establish the main parametero within which the plants will operate. Specifically, the Miniatrles will establish for each plant, including those in the consumer industries: (l) the volume ofbe financial indicators (profit andnd payments into theapital investment financed from the budget, (U) new technology and newllocations of certain scarce materials and equipment,he size of the vag'i fund. Enterprise manegero are to plan the remaining indices, including the size and composition of the labor force, the cost of production and the productivity of labor. Although the Ministry will fix the assortment plan la the case of the mostroducts, details such as amounts, sizes, colors, variations of style and terms

of delivery vlll.be decided at tho plant Isvel- Plant managers will oell on

,

contract to retail etores or trad! organizations and buy materials on contract

directly from suppliers-

" Profit in percent of fixedorking capital.

The bonus system for tbe consumer industries under the Kosygin reforae ls essentially thc suae as that approved by the State Committee on labor and Wages5 and already in use in the experimentingnder it plant management may earn bonuaei cfercent of baaic salary rates for fulfill-sent of tne ealee plan (providing the profit plan is met) vith extra bonuses for each percei.tbge of overfulfillment of saiea,

the total not to exceedercent of the basic salary. Production workers

.

may receive bonusee according to mice worked out by enterprise management

within centrally prescribed limits of wage end bonus scales.

Although it is still too early to Judge the entire program for reform

-a

in the consumer industries, the nev system does apparently shift more of the day to day responsibility for product!on away from the central apparatua

to the individual plants. strong'central controls will continue to be

*

fund, or to experiment freely with the borniB system.

. ii

maintained by the ministries, however, 'particularly thoae controls that relate to finance. Onlynitedwill the freedoms given to plant managers at Bol'shevichka end Mayak be accorded to other consumer goods plants coming undor the reform program. Managers no longer will be able to initiate price changea, for example, or to determine the Bize of the wage

V. Prospects

In the relatively ehort spaceearalf the Soviet leadership

#

haa movedautious introduction of economic reforms in two experimental

ifl -!

t

plantsroad prograa of refers that will ultimately affect all of

, i*

Soviet Industry. The rapid extension of tho reforms, first0 enter-

^ -

prises, then to all of industryecoipiltion on the pert of theleadership that the methods of managing industry heavyae lightere In need of drastic overhauling. The tempoand implementing the reforms testifies to an acutethe old way of doing business had become terribly inefficient. other hand, it is apparent that the Soviet leadership Is etillthe problem of reform vith considerable caution. The reformsbeing pushed in the traditionally low priority consumerso that if major disruptions in production occur they willeffect on the high priority sectors that produce machinery and

On the whole the new system appearo to offer reasonable solutions to some cf thc most pressing problems relating to consumer goods production. However, the spirit of decentralization that characterized the Bol'ahevichka and Kayak experiments has been considerably dampened under the Kosygin reforms.

m

Furthermore, past experience has shown that Soviet bureaucracyendency to envelop reform movementseb that stifles initiative and to substitute one complicated control system for another. Once the new system has been Introduced to all of the consumer industries, Its success in large part will be determined by such factorsthe ability of management to handle new

he extent of cooperation at the various levels of

authority,he effectiveness of the nev vholeoale prices. Greater freedom for managers demands resourcefulness not required under the old The extent to which canagera learn to operate under these new and untried conditions and to function independently as decision makers, even to

ln the success of the enterprise and of the Industryhole.

Much alao will depend on the villingnecs of officials at all levels to1

cooperate in maXing the nev system work. In light of the conflicts between

plants and administrative officials during the experiments, the prospects

mooth transition are far from bright. Signs of foot-dragging already

are to be seen In the banking and financial organizations, whichoas

of profit revenues to the state budget. The State Bank has already been charged with failure to aupport the reforms by its reluctance to provide adequate'short-tara credita to

1

The success of the newl depend to an Important extent on the effectiveneaa of the revision of wholesale prices. Presumably the new prices will atlll be based on average costs and will not reflect the Influence of demand, nor vlll they be flexible- Whether the new pricee viU allow profit margins appropriate to the purposes of the reforms remains to be seen. Because enterprises now are Judged on profit ae well as on sales, the nev pricee with their adjusted profit marglno willritical factor under the new rules, whieh requlje that profile be sufficient to cover capital

charges, pay-cent of managerial bonuses, and additions to various enterprise funds. The achievement ofrofit level may veil be difficult for high-cost plants (those that operate at coots above thehereao extremely high levels cf profito nay be possible for other plante that operate more efficiently- Profit incentiv-is, however, may encourage innovation and the modernization cf plant that is urgently needed in many branches of tnToonoumer industries.

It is to be emphasized that the nov Soviet reforms in no wayfree market" into the consumer goods sector. Under the new system, the Soviet consumer willetter opportunity to voteacron suit over an all wool one or ohow en equal preference for blue and tan raincoats,oviet planners haveelinquished control over the share of resources that go to the consumer. Planto may compete for contracts on the basis of quality, style, or promptneso of delivery, but managers cannot make independent decielono in important matter* pertaining to finance or the kinds of goods to produce-

That the Soviet leadership is finally attempting to make more compatible the wants of the consumer and the motivations of the producer reflects past

f i' '

bllndneao more than it doe* preoent foresight. The former practice of baoing economic incentive* first on grooe value of output and more recently on reductiono ln the.coet of production merely encouraged plant management to produce high priced goode regardlea*"ofithelr ealeabllity or to reduce cost*

at the expense of quality. The Introduction of strong incentives toetter meshing of the desires of consumers and the goals of producers will help to prevent further wasteful (iccuraulat ions of surplus consumer items. The hope of Soviet planners is that by paying more attention to what consumers want the resources allocated to consumption in the future can be used more efficiently.

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SOURCES

khozyaystvo4 godu. .

ul9

trud. no.

Sotsialisticheskly trud. no

Ekoncalcheskaya gazeta,

gazeta.azeta, no

gazeta,

Sotaialistlcheskaya trud,

Ekonoaicheskaya gazeta.

Sotalaiisticheakly trud. no.

nd Konauniat. no

Kon-.sorr.alskaya pravda,

pazeta. no 2k,

torgovlya.ug oj-

Pravda.

Skonomicheakaya gazeta. no 2k,.

Ibid.

2

gazeta, no 2k,.

2

gazeta. no. k.

Izvestiya.ar

Ekonoaicheskaya gazeta, no ki,.

Ekonoaicheskaya gazeta, no.

Ibid.

Ekonomicheskaya gazeta, no lB,

6 l

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