Hungary

Jan Adam
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Jan Adam: University of Calgary

Chapter 4 in Planning and Market in Soviet and East European Thought, 1960s–1992, 1993, pp 64-80 from Palgrave Macmillan

Abstract: Abstract In the 1966 resolution, the CC of the Hungarian Socialist Workers’ Party (Communist Party) laid down the principles of the 1968 economic reform. ‘The underlying features of the economic mechanism should be an organic combination of centrally planned (tervszerű) management of the economy with commodity relations and an active role for the market, based on collective ownership of means of production’ (Party Resolutions and Decisions, 1978, p. 459). Following that, the writers of the resolution make it clear that the two elements of the reformed economic mechanism, planning and market, are not to play an equal role. The ‘terms of working’ of the market are to be determined by the plan. The market should not be left to itself but should be regulated and managed so that it can contribute to the implementation of national economic plans. On the other hand, the market, with its feedback, influences the plan and puts checks on it (ibid., p. 459). In brief, the market is supposed to be a supplement to planning. It is worth stressing that the expanded role of the market is not to be combined with important changes in the collective ownership of the means of production.

Keywords: Banking System; Economic Reform; Market Relation; Domestic Prex; Economic Mechanism (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-22756-3_4

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DOI: 10.1007/978-1-349-22756-3_4

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