Journal of Economic Perspectives: Vol. 5 No. 4 (Fall 1991)


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Hungary: In Transition to a Market Economy

Article Citation

Hare, Paul G. 1991. "Hungary: In Transition to a Market Economy." Journal of Economic Perspectives, 5(4): 195-201.

DOI: 10.1257/jep.5.4.195


Hungary began its transition to a market economy as long ago as 1968 with the adoption of the New Economic Mechanism, when detailed central planning was abandoned and the economy was regulated by means of financial and economic levers. However, after a period of re-centralization in the 1970s and further market-oriented reforms during the 1980s, it became evident that the country was still far from achieving a successful transition. Nevertheless, Hungary's attempts at economic reform over the last 20 years are remarkably instructive, both for the present government's program of transition and for other Eastern European nations. Moreover, many of the measures now being implemented in Hungary were prepared and in many cases began to be implemented prior to the country's political transformation. Hence, there is much stronger continuity in the Hungarian reforms than one can find elsewhere in the region.

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Hare, Paul G. (Heriot-Watt U and London School of Econ)

JEL Classifications

P27: Socialist Systems and Transitional Economies: Performance and Prospects
O52: Economywide Country Studies: Europe


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