ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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‘Catching Up’, Forever

Hungary in the European Union

In 1989, Hungary was seen as the most market-ready economy in eastern Europe. In terms of its per capita GDP, however, Hungary is yet to catch up to state socialist levels even after two decades, despite incorporation into the European Union and sharply increased global and European trade flows. The privatisation of the erstwhile socialist state’s property and the dominance of western Europe-based capital in assembly plant manufacturing has meant high import content for exports and weak wage and subcontracting effects for the local economy.



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