What does COMECON mean in International Business?

This page is about the meanings of the acronym/abbreviation/shorthand COMECON in the Business field in general and in the International Business terminology in particular.

Council for Mutual Economic Assistance

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What does COMECON mean?

The Council for Mutual Economic Assistance, 1949–1991, was an economic organization under the leadership of the Soviet Union that comprised the countries of the Eastern Bloc along with a number of socialist states elsewhere in the world. The Comecon was the Eastern Bloc's reply to the formation of the Organization for European Economic Co-operation in non-communist Europe. The descriptive term was often applied to all multilateral activities involving members of the organization, rather than being restricted to the direct functions of Comecon and its organs. This usage was sometimes extended as well to bilateral relations among members, because in the system of socialist international economic relations, multilateral accords—typically of a general nature—tended to be implemented through a set of more detailed, bilateral agreements. According to some historians, Moscow was concerned about the Marshall Plan. Comecon was then meant to prevent the Soviets´ sphere of influence from moving towards that of the Americans and the South-east Asia.

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"COMECON." Abbreviations.com. STANDS4 LLC, 2016. Web. 28 May 2016. <http://www.abbreviations.com/term/29696>.