Abstract
Beginning in the 1970's and continuing into the 1980's, deregulation has become a well established trend not only in the United States but also in Western Europe. However, the economies of Eastern Europe and even the Soviet Union have also made some significant moves towards less centralization and less government regulation. Indeed, in the case of Hungary, the economy has quietly been moving away from centralization and towards a free market for 30 years. In this paper we shall describe some of Hungary's experiences with economic reform with regard to agriculture, prices and wages, industrial management, foreign trade, joint ventures, banking and finance. We shall also sketch out the path which Hungary has followed to market-oriented socialism. Some of the specific strategic challenges facing Hungary will be summarized including international marketing, organizational development, financial management and technological development.
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