results also started lacking (as a result of the rebound in prices and wages and the appearance of the "black" exchange rate, the foreign exchange reserves began to decrease rapidly, negative tendencies appeared in the foreign trade and budget sphere, etc.) and it soon became clear that Ante Marković's Program would fail. The fate of this stabilization program was largely tied to stopping price growth. It was considered that only the prices of the main inputs were to be frozen, and in the conditions of restrictive monetary policy and liberalized imports there would be no growth in other freely formed prices, and even companies were expected to reduce prices in order to provide liquid assets. However, expectations did not materialize, and the prices recorded significant growth (the truth is noticeably smaller than before the program was adopted), which led to a rise in wages that (at the very beginning of the implementation of the Program) grew faster than price growth. In circumstances where this happens, one of the key elements of the Program persists – a fixed exchange rate. All this led to a weakening of the competitiveness of the domestic economy, as exports become economically unfeasible, and imports were very lucrative. Bearing in mind that there had been a liberalization of imports, the domestic market was overwhelmed with imported products, which were absorbed by increasing domestic demand, almost exclusively for consumer goods fueled by rapid wage growth. Imports of goods became cheaper than domestic ones, so there was a decline in production because Yugoslav products were not competitive at all, not only in exports but also in the domestic market. After only a year and a half of implementation, industrial production was reduced by 25% and unemployment increased by 18%. This further led to strong recession movements in the economy, deterioration of the foreign trade balance and (after initial increase) a rapid reduction in foreign currency reserves, which prevents further "defending" of the foreign exchange rate. New legislation was gradually introduced to remedy the situation, but the government mostly tried to fight the crisis by issuing more currency, which only fuelled the inflation further. Power-mongering in big industrial companies led to several large bankruptcies (mostly of large factories), which only increased the public perception that the economy is in a deep crisis. After several failed attempts to fight the inflation with various schemes, and due to mass strikes caused