Evolution of the Hungarian Economy, 1848-1998: Volume II: Paying the Bill for Goulash-Communism

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Kornai presents an assessment of Hungary's transition from a socialist to a market economy. In a comprehensive critique of socialist economy reform, Kornai explains how the system's ideological and political attributes deny the idea of "market socialism." Although this reformist socialism ensured Hungary its transition to a market economy, macroeconomic disequalibria and financial crisis posed constant threats. Finally, Kornai provides examples of Hungary's economic stabilization and conditions for its ...

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Overview

Kornai presents an assessment of Hungary's transition from a socialist to a market economy. In a comprehensive critique of socialist economy reform, Kornai explains how the system's ideological and political attributes deny the idea of "market socialism." Although this reformist socialism ensured Hungary its transition to a market economy, macroeconomic disequalibria and financial crisis posed constant threats. Finally, Kornai provides examples of Hungary's economic stabilization and conditions for its sustainable growth into the present era.

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Meet the Author

Janos Kornai is Allie S. Freed Professor of Economics at Harvard University.

East European Monographs

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Table of Contents

Table of Contents
Preface to the Series and Acknowledgments
Foreword 1
Ch. I The Hungarian Reform Process: Visions, Hopes and Reality
Conceptual Clarification 11
The State Sector 15
The Non-State Sector 32
Overall Resource Allocation and Distribution 49
Tensions and Inbalances 58
Confrontation of Visions with Reality 76
Ch. II Paying the Bill for Goulash Communism: Hungarian Development and Macro Stabilization in a Political Economy Perspective
Introduction: Four Characteristics 123
A Survey of Political History 126
Priority for Today's Welfare, Security and Calm 130
Gradual Transformation of Property Relations and Institutions 156
Concluding Remarks in Terms of Political Economy and Political Philosophy 184
Ch. III Adjustment without Recession: A Case Study of Hungarian Stabilization
Achievements and Costs 230
The Instruments of the Program 246
What Comes Next? 264
List of Biographies 289
Selected Bibliography 295
The Author 301
Volumes Published in "Atlantic Studies on Society in Change" 307
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