The Hungarian Economic Reform of 1968
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As already indicated, the Hungarian reform, like the one in the USSR, was a reform from above. Decisions about the direction of the reform were taken in two stages in Party committees without pressure from below. In the first stage, the initial guidelines of the reform prepared by the committee were approved in 1965 and, in the second stage, the final version was approved by the Central Committee in 1966. The reform itself started in 1968 and was supposed to be fully developed in two years. All the important principles were, however, applied simultaneously. Thus the Hungarian reform was not preceded by experiments as the Czechoslovak was; the Hungarians opted for a ‘big leap’ after a three-year preparation (Portes, 1972).1
KeywordsForeign Trade Producer Price Wage Increase Bank Credit Central Planner
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