COMECON
COMECON
COMECON stands for Council for Mutual Economic Assistance.
It was established by the Soviet Union in 1949 as an economic alternative to the Marshall Plan.
Features:
- focused mainly on trade and credit agreements
- linked the Soviet Union with Eastern European communist countries
- had more limited impact than the Marshall Plan
Warning
COMECON helped bind Satellite Countries more closely to the Soviet system.
COMECON shows that the Cold War was an economic rivalry as well as a political and military one.