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Reforming the New Economic Mechanism in Hungary

In: Change and Challenge in the World Economy

Author

Listed:
  • Bela Balassa

    (The Johns Hopkins University
    The World Bank)

Abstract

On 1 January 1968, Hungary introduced the New Economic Mechanism (NEM), in order to respond to the needs of an increasingly sophisticated economy characterized by considerable reliance on foreign trade. The NEM aimed at replacing plan directives by market relations among firms; limiting the scope of central price determination; linking the domestic prices of exports and imports to world market prices; and decentralizing a major part of investment decisions.1

Suggested Citation

  • Bela Balassa, 1985. "Reforming the New Economic Mechanism in Hungary," Palgrave Macmillan Books, in: Change and Challenge in the World Economy, chapter 0, pages 282-309, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17991-6_13
    DOI: 10.1007/978-1-349-17991-6_13
    as

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