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Economic Development in Hungary: The Transition Years -- 1989 to 1998

Author: TERRY F. BUSS
Published in IJED, Vol. 2 No. 1

This paper reviews Hungary’s progress in transitioning from a centrally-planned, Communist state to a market economy in a democratic society over the decade of the 1990s. Hungary employed a gradualist approach in its transition, experiencing many wrong turns along the way. As of 1998, though, Hungary has, arguably, been the most successful former Soviet Bloc country. With its impending acceptance into NATO and the European Union, its transition will be nearly complete.

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