Cover

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Frontmatter

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Contents

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p. vii

Acronyms

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p. ix

Tables

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p. xi

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Acknowledgments

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p. xiii

Many individuals and institutions, both in the United States and Hungary, contributed to the research and writing of this book. l owe a special thanks to my friend and colleague Kurt Weyland, who read multiple drafts of the manuscript and responded with his distinctive combination of thoroughness, scholarly insight, and good humor. Kurt's trenchant critiques and ...

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Introduction

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pp. 1-8

Is political liberalization compatible with economic transformation? That question, long a central concern of scholars of Latin America, Southern Europe, and East Asia, has assumed special significance in postcommunist Eastern Europe. The socioeconomic costs of stabilization, adjustment, and reform pose serious challenges to the capitalist South, where market ...

Part 1: An Institutional Approach to Eastern Europe's Transition

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1. Party and State Institutions in Dual Transformations

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pp. 11-52

What are the theoretical grounds for supposing that political liberalization and economic transformation are mutually antagonistic? The main predicament of dual transformations is that the surge of popular participation following democratization clashes with the austerity requisite to stabilization, adjustment, and market...

Part 2: Economic Reform in Communist Hungary, 1979−89

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2. Macroeconomic Stabilization under Reform Communism

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pp. 55-97

In January 1968, Hungary launched NEM. Like other market socialist reforms, NEM was premised on the assumption that devolving decision-making authority to factory-level agents would heighten allocative efficiency. At the same time, maintaining...

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3. Structural Adjustment and Market Socialism

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pp. 99-138

In this chapter, I analyze Hungarian structural adjustment policy in the 1980s, focusing on financial sector reform, industrial restructuring, and foreign trade and exchange. I argue that market reforms undertaken within the institutional setting of reform communism produced contradictory effects that impaired the ruling party's...

Part 3: Economic Reform in Democratic Hungary, 1990−94

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4. Political Institutions and Hungary's Negotiated Transition

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pp. 141-163

In this chapter, I survey the institutional terrain of postcommunist Hungary. I begin by assessing how the institutional legacies of the communist period shaped the strategies of the successor government. I then examine the institutional outcomes of Hungary's negotiated...

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5. Stabilization Policy in the Postcommunist Period

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pp. 165-204

The former communist countries of Eastern Europe pursued a variety of economic stabilization strategies.1 In Germany, unification paved the way for the region's only true "big bang." By assuming the external debt of the GDR and absorbing its fiscal, monetary, and price systems, the Bonn government executed what amounted...

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6. Structural Adjustment in Hungary's New Democracy

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pp. 205-249

As shown in chapter 3, the contradictions of market socialism thwarted the Hungarian Communist Party's structural adjustment program in the 1980s. Market reforms broadened the decision-making power of local agents while inducing those actors to behave in ways contrary to adjustment policy. For instance, the introduction...

Part 4: Conclusions

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7. Implications and Comparative Perspectives

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pp. 253-282

In this final chapter of the book, I use the institutional theory developed in chapter 1 to generalize from the case study. I begin by discussing the implications of Hungary's experience for the relationship between democracy and market in Eastern Europe, arguing...

Appendix

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pp. 283-286

Index

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pp. 287-288