Enterprises in Hungary Before and After the Economic Reform

For better understanding we must begin by distinguishing between a socialist economy and a mixed one: an economy organised on socialist lines is essentially different from and cannot be identified with a mixed economy organised on a capitalist footing. In an economy operating on socialist principles the foundation rests on a planned economy relying on state and cooperative ownership, although the market plays an important role too. At the same time, in a socialist economy where the market relations are well-developed, certain similarities with mixed economies will emerge, as will be described later. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.