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CMEA and COCOM Abolished: Restructuring Precision Engineering Industry in Hungary

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Listed:
  • Havas, Attila

Abstract

The Hungarian precision engineering industry, although fairly successful in the pre-war period and able to survive all the adverse corollaries of planning and CMEA orientation, might be wiped out by the long-awaited marketisation: far more competitive and powerful foreign competitors can now enter both its former single most important market, i.e. the former Soviet Union, and the domestic market. Thus accumulated knowledge of R&D and production engineers as well as the experience of the highly skilled blue-collar workers, albeit of primary importance in this industry, might become completely worthless and disappear. Combined with fresh capital, access to new markets, recent technologies and up-to-date management methods, however, it can (and should) be regarded as a major asset and the indispensable basis for successful restructuring. This paper suggests that sweeping changes in size, ownership, internal organisation, and product range are also inevitable so as to be able to adjust to the new environment.

Suggested Citation

  • Havas, Attila, 1993. "CMEA and COCOM Abolished: Restructuring Precision Engineering Industry in Hungary," MPRA Paper 52745, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:52745
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    File URL: https://mpra.ub.uni-muenchen.de/52745/1/MPRA_paper_52745.pdf
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    References listed on IDEAS

    as
    1. Hughes, Gordon & Hare, Paul G, 1992. "Industrial Policy and Restructuring in Eastern Europe," Oxford Review of Economic Policy, Oxford University Press, vol. 8(1), pages 82-104, Spring.
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    More about this item

    Keywords

    precision engineering industry; privatisation; enterprise restructuring; FDI; transitin to market economy; Hungary;

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • L64 - Industrial Organization - - Industry Studies: Manufacturing - - - Other Machinery; Business Equipment; Armaments
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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