New Features of the Hungarian Economy [antikvár]

The Hungárián economy in the Eighties* by ISTVÁN HETENYI Minister of Fináncé István Hetényi, graduated at the Budapest Technical University, economic faculty; before present post head of department, then deputy president, and secretary of state with the National Planning Office, university professor, member of the presidium of the Hungárián Economic Association. When introducing Hungárián economic policy one isobliged toselect among important and highly important subjects, and -in doing so-to undertake the incurrent hazards and critiques. It is expedient to emphasize such traits of our endeavours as are of long-term significance yet fundamentally topical. Every economist is aware of the enormous significance of everyday practice, since far-off future is a resultant of day-byday steps. I am going to begin my presentation-very briefly-with a review of a larger horizon. It is generally known that the building of socialist economy in the 50s and 60s could broadly be characterized as a period of large-scale industrialization. However, industrialization meant not just fast industrial growth and diversification but alsó a vast socio-economic transformation. In the course of industrialization workers became a majority class, full employment was of a lasting nature, and a deep-going change took place in the Hungárián village, too. As a result of the socialist transformation of agriculture two decades ago, it became possible to surpass the production level of 1938. Economic development was accompanied by a substantial rise of the cultural standard ofthe people, by social security and by a commensurate improvement in the living conditions. Between 1950 and 1970 the national income grew threefold and consumption 2.7 times. As a result of industrialization completed by the late 60s, Hungary became a country with a diversified production pattern, on a level of development that could be rated a good médium in world economy.