Economics 10x10 – Lessons from the Last Ten Decades of Hungarian Economic History

Virág, Barnabás (2020) Economics 10x10 – Lessons from the Last Ten Decades of Hungarian Economic History. POLGÁRI SZEMLE: GAZDASÁGI ÉS TÁRSADALMI FOLYÓIRAT, 16 (Spec.). pp. 194-211. ISSN 1786-6553

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Abstract

This paper overviews the economic history of Hungary in the last 100 years, and especially the convergence process to the advanced economies which was hindered by severe external shocks, two world wars, global economic crises and the suppression by the Soviet Union. After the political transition of 1990, many expected a rapid economic miracle, but the economic transition period was prolonged for 20 years. Thus, the sustainable convergence has started only after 2010 when the necessary fiscal, monetary and structural reforms were implemented. The most important lesson we can draw from our economic history is that economic growth cannot be sustained without financial balance, thus economic policy has to find the effective and targeted measures to enhance economic growth and macrofinancial balance at the same time.

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