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Next Steps in the Hungarian Economic Reform

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New Directions in the World Economy

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Abstract

This essay will analyze the policies that may be employed to improve the performance of the Hungarian economy. After indicating the need for a restrictive macroeconomic policy and for the efficient promotion of exports, the essay will concentrate on the conditions existing in factor markets. Recommendations will be made for modifying the relative prices of labor and capital and improving the operation of markets for these productive factors in Hungary.

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Notes

  1. B. Balassa, ‘The Hungarian Economic Reform, 1968–82,’ Banca Nazionale del Lavoro Quarterly Review, XXXVI (1983) pp. 163–84 and Essay 12 in Bela Balassa Change and Challenge in the World Economy (London: Macmillan, 1985) pp. 261–8.

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  2. B. Balassa, ‘The Hungarian Economic Reform, 1968–82,’ Banca Nazionale del Lavoro Quarterly Review, XXXVI (1983) pp. 163–84 and Essay 12 in Bela Balassa Change and Challenge in the World Economy (London: Macmillan, 1985) pp. 261–8.

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  3. According to one author, ‘it is an error to assume that we can increase our export capacity by promoting exclusively export-oriented investments. The experience of the last several years indicates that such actions could help the situation of external equilibrium only for a short time. The permanent improvement of our [competitive] position is possible only through the overall improvement of conditions in our national economy.’ I. Barta, ‘A beruházási szféra feloldásra váró ellentmondásai’ (The Contradictions of the Investment Sphere Requiring a Solution), Kőzgazdasági Szemle (Economic Review), XXXXIII (1986) p. 840 (italics in the original).

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  4. L. Csernenszky, and K. Demeter, ‘A struktúra változása — a változás strukturája’ (Transformation of Structure and Structure of Transformation), Figyelő (Observer), 19 June 1986, p. 7.

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  5. M. Tardos, ‘A szabályozott piac kialakitásának feltételei’ (Conditions for the Development of a Regulated Market), Kőzgazdasági Szemle (Economic Review), XXXII (1985) pp. 1290–92.

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  6. A. Kunvári, ‘Miért jutott holtpontra beruházásaink jővedelmezősége?’ (Why has the Profitability of our Investments Reached the Zero Point?), Kőzgazdasági Szemle (Economic Review), XXXIII (1986) p. 828.

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  7. K. Gulyás, ‘Válás magyar módra’ (Divorce Hungarian Style), Figyelő (Observer), 18 September 1986, pp. 1, 6.

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  8. G. Révész, ‘Bérezés an 1980-as évek Magyarországán’ (Wage Setting in the Hungary of the 1980s), Kőzgazdasági Szemle (Economic Review), XXXIII (1986) pp. 809–24.

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  9. This point is made in O. Pirityi, ‘Viszaforditható-e a folyamat?’ (Could One Reverse the Tendency?), Figyelő (Observer), 6 March 1986, p. 5.

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  10. Z. Nádudvari, ‘Számvezérlésű szerszámgépek. Fejlett technika-félállásban’ (Numerically-Controlled Machine Tools. Developed Technology-Halfway), Figyelő (Observer), 16 October 1986, p. 7.

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  11. W. V. Chandler, ‘The Changing Role of Market in National Economies,’ Worldwatch Paper 72 (Washington, DC; Worldwatch Institute, 1986) Table 2.

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  12. E. Várhegyi, ‘Utolsó pár előre fuss?’ (From Last to be First), Figyelő (Observer), 4 December 1986, p. 5. As discussed further below this has meant promoting large firms of low profitability.

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  13. G. Lamberger, E. Szalai, and E. Voszka, ‘Válságkezelés és vállalalatmegszűntetések’ (Crisis Management and the Closing Down of Firms), Valóság (Reality), XXIX (1986) pp. 24–31.

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  14. M. Laki, ‘A gazdaságirányitós ésa vállalati valság’ (The Guidance of the National Economy and Level Crisis), Kűlgazdaság (External Economy), XXIX (1985) pp. 41–58.

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  15. G. Varga, ‘Tiszta vizet a pohárba’ (Put Clear Water in the Glass), Figyelő (Observer), 20 March 1986, p. 3.

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  16. For perceptive analyses, see Tardos and J. Bársony, ‘A vagyonérdekeltség kialakitásának problémái’ (Problems Related to Interest in Enterprise Property), Kőzgazdasági Szemle (Economic Review), XXXIII (1986) pp. 435–53.

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Author information

Authors and Affiliations

  1. The Johns Hopkins University, USA

    Bela Balassa (Professor of Political Economy, Consultant)

  2. The World Bank, USA

    Bela Balassa (Professor of Political Economy, Consultant)

Authors
  1. Bela Balassa
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© 1989 Bela Balassa

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Balassa, B. (1989). Next Steps in the Hungarian Economic Reform. In: New Directions in the World Economy. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-10588-5_14

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