Reforming the New Economic Mechanism in Hungary

Bela Balassa
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Bela Balassa: The Johns Hopkins University

Chapter Essay 13 in Change and Challenge in the World Economy, 1985, pp 282-309 from Palgrave Macmillan

Abstract: Abstract On 1 January 1968, Hungary introduced the New Economic Mechanism (NEM), in order to respond to the needs of an increasingly sophisticated economy characterized by considerable reliance on foreign trade. The NEM aimed at replacing plan directives by market relations among firms; limiting the scope of central price determination; linking the domestic prices of exports and imports to world market prices; and decentralizing a major part of investment decisions.1

Keywords: Exchange Rate; Foreign Exchange; Bank Credit; Export Price; Socialist Country (search for similar items in EconPapers)
Date: 1985
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-17991-6_13

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DOI: 10.1007/978-1-349-17991-6_13

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