The Hungarian economy's road from a centralized, planned economy to a market economy displays a number of features that distinguich it from other post-socialist countries, despite the underlying similarities. Without aiming to provide a complete picture, I will pick out four features. One or...

(The Ending) The phenomenon of the soft budget constraint (SBC) in a competitive environment is analyzed in the second part of the article. Its consequences for banks and the role played in developing financial crises are considered. Political intervention in firms is studied. The conclusion is...