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Published in:
1989 | OriginalPaper | Chapter
The ‘New Growth Path’ in Hungary
Author : Bela Balassa
Published in: New Directions in the World Economy
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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This essay will analyze changes in economic policies in Hungary that began with the December 1978 resolution of the Central Committee of the Hungarian Socialist Workers’ Party (for short, Party resolution). The impetus for policy change was provided by Hungary’s growing indebtedness, with its deficit in convertible currency trade reaching $1.2 billion in 1978, equivalent to 6.7 percent of the gross domestic product.1