A Short Review of the History of the Hungarian Privatization

Boóc, Ádám (2005) A Short Review of the History of the Hungarian Privatization. Acta Juridica Hungarica, 46 (1-2). pp. 115-136. ISSN 1216-2574

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Abstract

This article is intended to give a short synopsis on the history of the Hungarian privatization, which has not been fully finished yet, but the most important aims however have been accomplished. As this issue is rather a complex one, having also legal and economic nature, one cannot avoid providing a short historical introduction from legal and economic aspects. Therefore the author also outlines the most significant elements of the changes in the system of the Hungarian ownership at the beginning of the 1990s, which can be featured as the transaction from planned economy into market-economy. After the introduction the author describes the most important steps of the Hungarian privatization, which can be summed up as follows: (i) stage of spontaneous privatization (1985-1989); (ii) stage of state-controlled privatization (1990); (iii) stage of state-"directed" privatization (1990-1991); (iv) stage of privatization under the SPA/-programmes (1991-1992); (v) stage of self-privatization (1992-1995); (vi) the "third" regulation of privatization, strategic privatization (1995-). The author also pays attention to the analysis of the relevant legal rules, which are or used to be in effect regulating privatization. The author also highlights that the law of Hungarian privatization cannot be thoroughly studied without taking into consideration the economic goals and economic characteristics of Hungary, as well.

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