Abstract
This chapter challenges exogenous accounts of the neoliberal transformation in Central and Eastern Europe (CEE) and the former USSR by analysing the gradual ascendancy of ‘proto-neoliberalism’ in Hungary before the regime change in 1989–90. Through a case study of the influential Financial Research Institute (Pénzügykutatási Intézet, FRI), the official research institute of the Ministry of Finance, and an in-depth analysis of ‘Turnabout and Reform’ (Fordulat és Reform), a document published in 1987 by a group of radical reform economists associated with the FRI, the chapter looks at how they interpreted the deepening crisis of the Kádár regime and what methods they employed in order to reorient reform debates along neoliberal lines. The chapter demonstrates that neoliberalism was not an ‘imported project’, which arrived ‘from the West’ on the eve of the transition, but rather a largely ‘home-grown’ programme, developing in dialogue between radical reform economists and reform-minded political elites. In this regard, the essential aim of the ‘neoliberal turn’ was to reconfigure the Hungarian economy in line with the exigencies of the capitalist world economy, while ensuring that the political transition went as smoothly as possible. While obviously a repudiation of past policy, policymakers in Budapest thus pursued similar objectives as central planners under ‘actually existing socialism’.
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Notes
- 1.
Mátyás Rákosi (1892–1971) was a long-standing member of the Hungarian Communist Party (Magyar Kommunista Párt, MKP) and Deputy Prime Minister of Hungary between 1945 and 1949, when he became the country’s de facto leader until 1956. Dubbed the ‘bald murderer’ by his opponents, Rákosi was probably as close to being universally despised as a politician can get. Rákosi went about introducing ‘the dictatorship of the proletariat’ in Hungary with uncompromising brutality; intimidating, imprisoning, torturing, and killing real and imaginary enemies alike in Stalin-inspired political purges.
- 2.
Established in 1949 under the leadership of the USSR, the CMEA sought to foster closer economic ties between the countries of the Soviet bloc. Hungary was, together with Bulgaria, Czechoslovakia, Poland, Romania, and the USSR, one of the founding members of the CMEA. Albania joined later in the same year, but left the organisation in 1961 (following the Soviet-Albanian split), while East Germany joined in 1950, Mongolia in 1962, Cuba in 1972, and Vietnam in 1978. The organisation was officially disbanded on 28 June 1991, by the mutual consent of its members, at a meeting in Budapest.
- 3.
Similarly, the CC’s declaration on ‘Initial directives of the CC of the MSZMP on the reform of the economic management system’ (November 1965) stated: ‘The rate of growth of profit over a long period of time must become the basic measure and indicator of an enterprise’s overall economic performance. In the future, under the conditions of the New Economic Mechanism and the new price system, the socialist enterprise’s profit [sic!] will fulfil this function, since it is a synthetic indicator approximately expressing production performance and the level of demand satisfaction.’ Another document, ‘Directives of the May (1966) Plenum of the CC of the MSZMP on the reform of the economic mechanism’, declared: ‘The rate of increase in profit expresses in brief form all aspects of the enterprise’s economic activity, including the degree to which its activities coincide with the wants and effective demand, that appear in the market. Profit then increases when material costs are reduced, the work force is better employed, the use of fixed and working capital becomes more effective, the enterprise produces a larger amount of popular goods, which can be sold at more favorable prices.’ Both documents cited in Bauer (1976, pp. 16–17).
- 4.
The establishment of the FRI was part of a wider process of experts’ formation in Hungary in the second half of the 1960s; a number of other state institutions formed their own research institutes, including the Central Statistics Office (Gazdaságkutató Intézet), the National Planning Office (Tervgazdasági Intézet), the Ministry of Foreign Affairs (Konjunktura-és Piackutató Intézet), and the CC of the ruling MSZMP (Társadalomtudományi Intézet).
- 5.
The formal shift in foreign economic policy can be dated to 20 October 1977, when the MSZMP CC adopted a programme that prioritised a strengthening of ties with capitalist states in Western Europe over COMECON integration (Germuska, 2014, pp. 277–279)
- 6.
By 1980, Hungary’s gross convertible debt exceeded US$ 11.4 billion (Germuska, 2014, p. 286, Table 5). As Comisso and Marer (1986, p. 430) note, the situation was exacerbated by the fact that ‘45 percent of the debt was in highly volatile short-term loans and 80 percent of the total currency-convertible debt outstanding in the early 1980s had to be repaid in five years’.
- 7.
- 8.
According to Szelényi (cited in Nee & Stark, 1989, p. 220) by the mid-1980s as much as 70 percent of all households in Hungary earned incomes from the private sector, with one-fifth of the income earners receiving between one-third or up to half of their incomes from the private sector.
- 9.
Key members of this group included László Békesi, Lajos Bokros, Péter Medgessy, and György Surányi.
- 10.
In Hungary, the small but theoretically vibrant radical left had effectively been defeated by 1972, when the Kádár regime dismissed leading members of the ‘Budapest School’ of Marxism (including András Hegedüs, Ágnes Heller, György Márkus) from their workplaces for their critique of Soviet-style socialism. In Western Europe, the defeat of the left was more gradual and took different forms, ranging from the compromesso storico between the Italian Communist Party and the Christian Democrats from 1976 onwards, through the ascendancy of Thatcher in 1979 and the rightward shift of Labour (particularly pronounced after the defeat of the miners’ strike in 1985), to the slow, agonising surrender of Swedish Social Democracy to neoliberalism throughout the 1980s (Bailey, 2018; Ryner, 2018).
- 11.
Similar to elsewhere in Eastern Europe (except Romania and Bulgaria), the democratic opposition that emerged in Hungary in the 1980s was divided into two distinct ideological movements: a neoliberal and a national-conservative camp.
- 12.
Hagelmayer’s (1933–97) work focussed on monetary theory and he was a strong critic of Marxism-Leninism. He served as the Director at the Institute of Financial Research until 1987. After the regime change, he was appointed as the first President of the State Audit Office by Prime Minister József Antall.
- 13.
As Phillips, Henderson, Andor, and Hulme (2006, p. 588) note, the University was ‘the principal institution for the education of Hungary’s economic and political elite’.
- 14.
Among the FRI researchers, Kupa (January–March 1983), Bokros (January–May 1985), and Ábel (March–June 1985) participated in courses offered by the IMF at its Washington headquarters, while Surányi worked one and a half years for the IMF as a consultant in the mid-1980s (Pogány, 1998, p. 43, fn. 175).
- 15.
By 1987, Hungary’s foreign debt exceeded US$ 18 billion—the highest within the Soviet bloc and the third highest in the world on a per capita basis (Fabry, 2009, p. 77, Table 1)
- 16.
Imre Pozsgai (born 1933) was a member of the MSZMP CC since 1980 and the head of the Patriotic People’s Front (Hazafias Népfront) since 1982. While advocating for reforms from within the MSZMP, he also harnessed good relations with the democratic opposition and participated at the Monor meeting (1985), as well as at the formation of the MDF in September 1987 (on Pozsgay, see Tökés, 1996, pp. 217–245).
- 17.
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Fabry, A. (2019). The Pre-1989 Origins of Neoliberalism in Hungary. In: The Political Economy of Hungary. Palgrave Pivot, Cham. https://doi.org/10.1007/978-3-030-10594-5_3
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Publisher Name: Palgrave Pivot, Cham
Print ISBN: 978-3-030-10593-8
Online ISBN: 978-3-030-10594-5
eBook Packages: Political Science and International StudiesPolitical Science and International Studies (R0)