New Economic Mechanism in Hungary

E213440
economic reform program market-oriented reform

The New Economic Mechanism in Hungary was a major 1968 reform that introduced market-oriented elements into the country’s socialist economy, decentralizing decision-making and allowing limited private enterprise to improve efficiency and living standards.

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All labels observed (3)

Label Occurrences
Hungarian economic reforms of the 1980s 1
New Economic Mechanism in Hungary canonical 1
Új Gazdasági Mechanizmus 1

Statements (48)

Predicate Object
instanceOf economic reform program ⓘ
market-oriented reform ⓘ
aimedTo increase economic efficiency ⓘ
raise living standards ⓘ
allowed enterprises to make independent production decisions ⓘ
enterprises to retain profits ⓘ
small-scale private agriculture activities ⓘ
small-scale private services ⓘ
alsoKnownAs NEM ⓘ
New Economic Mechanism in Hungary ⓘ
surface form: Új Gazdasági Mechanizmus
associatedWith goulash communism ⓘ
changed role of central planning authorities ⓘ
country Hungary ⓘ
criticizedBy hardline communist officials ⓘ
economicModel mixed socialist-market model ⓘ
governedBy Hungarian Socialist Workers' Party ⓘ
historicalSignificance early example of market socialism in Eastern Europe ⓘ
ideologyContext reform socialism ⓘ
implementedIn Hungarian People's Republic ⓘ
increased foreign trade orientation ⓘ
role of market signals ⓘ
influenced later economic reforms in Eastern Europe ⓘ
influencedBy economic reforms in Yugoslavia ⓘ
introduced decentralized decision-making ⓘ
enterprise autonomy ⓘ
limited private enterprise ⓘ
market-oriented elements ⓘ
price reforms ⓘ
profit incentives ⓘ
languageOfName Hungarian ⓘ
partiallyRolledBack 1970s ⓘ
policyArea macroeconomic management ⓘ
microeconomic incentives ⓘ
policyType enterprise reform ⓘ
foreign trade reform ⓘ
price liberalization ⓘ
politicalContext state socialist system ⓘ
preceded New Economic Mechanism in Hungary self-linksurface differs ⓘ
surface form: Hungarian economic reforms of the 1980s
reduced central planning control over enterprises ⓘ
relatedTo economic liberalization in the Eastern Bloc ⓘ
resultedIn greater wage differentiation ⓘ
higher consumer choice in Hungary ⓘ
sector agriculture ⓘ
industry ⓘ
services ⓘ
startDate 1968-01-01 ⓘ
timePeriod 1970s ⓘ
late 1960s ⓘ

Referenced by (3)

Full triples — surface form annotated when it differs from this entity's canonical label.

János Kádár → implementedPolicy → New Economic Mechanism in Hungary ⓘ
New Economic Mechanism in Hungary → preceded → New Economic Mechanism in Hungary self-linksurface differs ⓘ
this entity surface form: Hungarian economic reforms of the 1980s
New Economic Mechanism in Hungary → alsoKnownAs → New Economic Mechanism in Hungary ⓘ
this entity surface form: Új Gazdasági Mechanizmus