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Hungary: In Transition to a Market Economy

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  • Paul G. Hare

Abstract

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.

Suggested Citation

  • Paul G. Hare, 1991. "Hungary: In Transition to a Market Economy," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 195-201, Fall.
    • Handle: RePEc:aea:jecper:v:5:y:1991:i:4:p:195-201
    Note: DOI: 10.1257/jep.5.4.195
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.5.4.195
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    References listed on IDEAS

    as
    1. Grosfeld, Irena & Hare, Paul G, 1991. "Privatization in Hungary, Poland and Czechoslovakia," CEPR Discussion Papers 544, C.E.P.R. Discussion Papers.
    2. Stiglitz, Joseph E, 1989. "Financial Markets and Development," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 5(4), pages 55-68, Winter.
    3. Joseph E. Stiglitz, 1989. "Markets and Development," NBER Working Papers 2961, National Bureau of Economic Research, Inc.
    4. I Grosfeld & P Hare, 1991. "Privatization in Hungary," CEP Discussion Papers dp0031, Centre for Economic Performance, LSE.
    5. Paul Hare, 1983. "The beginnings of institutional reform in Hungary," Europe-Asia Studies, Taylor & Francis Journals, vol. 35(3), pages 313-330.
    6. Hare, Paul, 1987. "Economic Reform in Eastern Europe," Journal of Economic Surveys, Wiley Blackwell, vol. 1(1), pages 25-58.
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    Cited by:

    1. Lisa Keister, 2009. "Organizational research on market transition: A sociological approach," Asia Pacific Journal of Management, Springer, vol. 26(4), pages 719-742, December.
    2. Bennett, John & Dixon, Huw David, 1995. "Macroeconomic equilibrium and reform in a transitional economy," European Economic Review, Elsevier, vol. 39(8), pages 1465-1485, October.
    3. Gérard Roland, 2002. "The Political Economy of Transition," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 29-50, Winter.
    4. Judy Day & Peter Taylor, 2004. "Institutional Change and Debt-based Corporate Governance: A Comparative Analysis of Four Transition Economies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 8(1), pages 73-115, March.
    5. Lyons, Robert & Rausser, Gordon & Simon, Leo, 1996. "Putty-Clay Politics in Transition Economies," CUDARE Working Papers 198638, University of California, Berkeley, Department of Agricultural and Resource Economics.
    6. Judy Day & Peter Taylor, 2010. "Trajectories of accounting and auditing development in EU enlargement: comparative analysis of ten new member states," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 14(4), pages 313-350, November.
    7. John Marangos, 2005. "A Political Economy Approach to the Neoclassical Gradualist Model of Transition," Journal of Economic Surveys, Wiley Blackwell, vol. 19(2), pages 263-293, April.

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    More about this item

    JEL classification:

    • P27 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Performance and Prospects
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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