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By Ian Jeffries

Following on from Jeffries' 2001 Economies in Transition: A advisor to China, Cuba, Mongolia, North Korea and Vietnam on the flip of the Twenty-First Century, this entire survey of monetary and political switch makes a speciality of the nations of jap Europe. Jeffries additionally discusses the final concerns all for monetary transition, together with `big bang'/'shock therapy', gradualism, China as an fiscal version and numerous schemes of privatization. The booklet examines Albania, Bulgaria, the Czech Republic, Hungary, Poland, Romania and Slovakia. Analysing significant political and financial occasions in those international locations from the mid-1990s to the current.

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Additional resources for Eastern Europe at the Turn of the Twenty-First Century: A Guide to the Economies in Transition (Routledge Studies of Societies in Transition, 19)

Example text

On 13 October 1999 the European Commission (endorsed by foreign ministers at the EU summit on 10 December 1999) lauded Hungary as a front runner. A generally favourable report was also received on 8 November 2000. ) Hungary has not escaped international criticism, however. For example, there is concern about government influence over the media. On 12 March 1999 Hungary became a member of Nato. After a good start Hungary lost the image of the ‘golden boy’ of the transition for a while. Initially Hungary was generally ranked first in terms of overall economic success, but then slipped behind countries like the Czech Republic and Poland.

Hungary has maintained a basic continuity of economic policy in its more gradual approach to transition (as opposed to Poland’s ‘big bang’/‘shock therapy’) and has always been among the front runners in terms of economic transition. Hungary became a member of the OECD on 29 March 1996. Hungary’s decision not to seek foreign debt write-offs (as Poland did) has had ramifications in terms of privatization policy. For this and other reasons (such as raising revenue for general budgetary purposes and to improve corporate management) Hungary has placed considerable emphasis on sales in its large privatization policy.

On 14 January 2000 regional activists from the ‘Thank you, now leave’ movement held an inaugural meeting to form a new right-wing political party, as yet unnamed (EEN, 2000, vol. 12, no. 22, p. 5). The GDP growth rate turned positive as early as 1993, but output declined for three successive years over the period 1997 to 1999. ‘The Czech Republic … [however] seems to have turned the corner … The recession appears to have ended’ (EBRD 2000a: 3, 5). ‘The economy began to pull out of recession in spring [1999]’ (FT, 27 June 2000, p.

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