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The Visegrád Group, establishing cooperation to move toward free-market systems, is signed by the leaders of Czechoslovakia, Hungary and Poland.
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Visegrád Group
Cultural and political alliance in Europe
The Visegrád Group is a cultural and political alliance of four Central European countries: the Czech Republic, Hungary, Poland, and Slovakia. The alliance aims to advance co-operation in military, economic, cultural and energy affairs. All four nations are also members of the…Source: Wikipedia (CC BY-SA)
Market economy
Type of economic system
A market economy is an economic system in which the decisions regarding investment, production, and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor…Source: Wikipedia (CC BY-SA)
Czechoslovakia
Country in Europe from 1918 to 1992
Czechoslovakia was a landlocked country in Central Europe, created in 1918, when it declared its independence from Austria-Hungary. In 1938, after the Munich Agreement, the Sudetenland became part of Nazi Germany, while the country lost further territories to Hungary and Poland.…Source: Wikipedia (CC BY-SA)