Evolution of the Hungarian Economy, 1848-1998 - One-and-a-Half Centuries of Semi-Successful Modernization, 1848-1989 vol.2 (Hardcover)

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.