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Hungarian Economic Reforms

Author

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  • Vankai, Thomas A.

Abstract

Hungary's market-oriented economic reforms in 1968 were followed from 1973 through 1978 by strict Government controls, centralization of enterprises, and heavy foreign borrowing. The expansionary policy financed with foreign loans brought the country to the verge of bankruptcy. An austerity program introduced in 1979 with return to the 1968 reform principles led to significant reduction of rate of economic growth. After a financial turnaround, the policymakers initiated a management reform in 1985 with emphasis on workers' participation. In contrast with industry, the agricultural sector operated under the reform principles throughout the seventies and enjoyed fast production growth. But since 1979, because of higher production cost and reduced investment, the rate of growth and profits declined.

Suggested Citation

  • Vankai, Thomas A., 1985. "Hungarian Economic Reforms," Staff Reports 277685, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uerssr:277685
    DOI: 10.22004/ag.econ.277685
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