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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.
During the writing of this article, the author benefi ted from a fellowship from the Zentrum für Höhere Studien and the Geschichtwissenschaftliches Zentrum für die Gechi chte und Kultur Osteuropas, both at the Universität Leipzig, Germany.
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