Hungary: An Economy in Transition

Hungary's unique 'gradualist' economic transformation has now reached a critical stage. Despite recent upheavals, Hungary has succeeded in attracting foreign capital, and has achieved its first current account surplus in convertible currency since 1984, but it is clear that privatization will be a lengthy and difficult process, with significant repercussions for the future of the economy and profound social and welfare consequences. This book presents some of the local arguments and perceptions informing the current debate, and critical examinations of these ideas from an international panel of scholars. The chapters address privatization; financial, tax and legal systems; integration into the international financial and monetary systems; labour markets, unemployment and the social safety net; and the political economy of the current economic transformation. The analysis and results will be of major interest to economists and policy-makers concerned with transition throughout Eastern Europe.