NEM
E768089
NEM refers to Hungary’s New Economic Mechanism, a major 1968 reform program that introduced market-oriented elements into the country’s socialist planned economy.
All labels observed (1)
| Label | Occurrences |
|---|---|
| NEM canonical | 1 |
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
New Economic Mechanism
ⓘ
economic reform program ⓘ |
| aimedTo |
decentralize economic decision-making
ⓘ
improve living standards ⓘ increase economic efficiency ⓘ introduce market-oriented elements into a planned economy ⓘ |
| alsoKnownAs | Új Gazdasági Mechanizmus NERFINISHED ⓘ |
| characterizedBy |
combination of planning and market mechanisms
ⓘ
greater role for enterprise self-management ⓘ use of prices and profits as signals ⓘ |
| country | Hungary ⓘ |
| criticizedFor |
creating regional and sectoral imbalances
ⓘ
increasing income differentials ⓘ |
| economicModel | reform socialism ⓘ |
| economicSystemContext | state socialism ⓘ |
| field |
comparative economic systems
ⓘ
economic policy ⓘ |
| followedBy |
further Hungarian economic reforms in the 1980s
ⓘ
partial recentralization in the 1970s ⓘ |
| fullNameInEnglish | New Economic Mechanism NERFINISHED ⓘ |
| implementedBy | Hungarian Socialist Workers Party leadership NERFINISHED ⓘ |
| implementedInCountry | Hungary NERFINISHED ⓘ |
| implementedUnderLeader | János Kádár NERFINISHED ⓘ |
| inspiredBy |
Yugoslav economic reforms
ⓘ
market socialism ideas ⓘ |
| introducedInYear | 1968 ⓘ |
| introducedMechanism |
enterprise autonomy
ⓘ
greater price flexibility ⓘ limited role for market forces ⓘ profit-based incentives for enterprises ⓘ reform of investment allocation ⓘ reform of price-setting system ⓘ reform of wage system ⓘ |
| languageOfAcronym | Hungarian ⓘ |
| limitedBy |
continued dominance of central planning
ⓘ
political constraints of one-party rule ⓘ |
| partOf |
Hungarian economic history
ⓘ
reform efforts in the Eastern Bloc ⓘ |
| policyType |
economic liberalization within socialism
ⓘ
market-oriented reform ⓘ |
| politicalSystemContext | socialist planned economy ⓘ |
| precededBy | highly centralized planning system in Hungary ⓘ |
| region | Eastern Bloc NERFINISHED ⓘ |
| resultedIn |
greater integration of Hungary into world markets
ⓘ
higher consumer choice compared to earlier period ⓘ improved availability of consumer goods ⓘ |
| startDate | 1968-01-01 ⓘ |
| timePeriod |
1970s
ⓘ
late 1960s ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.