Iron Curtain: An Economic Mess

The Communist bloc's economic news was pretty bad last week, even by Communist standards. There was the Soviet Union, admitting that its industrial production has not risen as fast as planned (see THE WORLD). In Cuba, where the economy has tumbled to 80% of pre-Castro levels, the government moved to halt the decline by making President Osvaldo Dorticós economics minister and central planning board chairman. That was not all. Communist China's economy has produced more bad news than goods, and Russia's growing difficulties with Rumania are largely the result of its efforts...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!