Back to the Realities

Tartalom

Introduction
11
Part One
International Economic and Monetary Issues in a Changing World 17
New Phenomena in the Economic and Monetaiy Life of the Capitalist
Countries 19
The lecture prepared in November 1969 found the decision of the US Government, whereby the convertibility of the dollár into gold was abolished,
to be the flrst step towards the dissolution of the Bretton Woods system.
Western Monetary Crisis = Crisis of the US Dollár 23
The outlines of the Western monetary crisis could be seen by May 1971.
This article published soon after called for a new Bretton Woods.
East-West Relations in the Seventies 31
This lecture of May 1971 discussed the potentialities of East-West and
Hungaro-American economic relations and called on Americans to study
the realities.
5
Contents
Reform of the International Monetary System is Imminent
An article written after the extraordinary radio and television message of
President Nixon on August 15, 1971, in which he announced basic changes
in US economic policy.
Back to the Realities!
In October 1971 - discussed the causes of the crisis of the international
monetary system, its consequences and the possible solutions.
Does Monetary Crisis Mean Economic Crisis?
Emphasis - in 1972 - on the necessity of recreating the monetary system
on a truly international basis
After the Devaluation of the Dollár: All Quiet on the Western Front?
The calm after the first devaluation of the US dollár - as could be seen by
March 1972 - was only a breathing space, since devaluation has solved
none of the international problems.
Somé Connections between the International Monetary System and East-West
Economic Relations
This study of early 1972 pointed out that the evolution of quantitatively
new forms of East-West relations was desirable for both parties.
The Motto on the Currency Battlefront Now Is: "Qui habét tempus ..."
Published in August, 1972, when the Governments of the Western countries
tried to gain time with short-term measures, instead of creating security in
the long run.
Inflation and the International Monetary System
This was the subject discussed in June 1973, on the occasion of the Tenth
Anniversaiy of the Per Jacobsson Foundation.
Nairobi = New Possibilities in International Monetaiy Affairs
After the second devaluation of the US dollár, and transition to floating
rates of exchange, the financial world was looking forward to the
September 1973 meeting of the IMF.
Signs of Economic Crisis in the Western World
Published in mid~1974, this article envisaged unmistakable signs of economic crisis embracing the whole of the capitalist world in 1974-75.
Monetary Crisis and Socialist Economy
In August 1974 a parallel was drawn between integration methods applied
in the Common Markét and in the CMEA.
East-West Economic Relations: A Reappraisal
A great upswing in trade between the USA and the socialist countries -
with Hungárián examples for the opportunities of co-operation - was the
topic in September 1974.
1975: Crisis Year for the Western Economy
By the spring 1975, the Governments of the advanced capitalist countries
experimented with several measures in order to stimulate their economies.
Is the World in Need of Monetaiy Reform?
Analysis after the failure of the Kingston conference of the IMF in January
1976
Contents
Economic Development in the West 157
Called on the Carter administration, just stepping into office in February
1977, to take the lessons of Roosevelt's "New Deal" into account in its
international activity.
Monetary and Financial Problems in East and West 165
The lecture of October 1977 discussed the tasks to be performed in the
financial system of the CMEA member countries and the necessity of
linking the two monetary systems.
The Western Economy in 1978 185
The dynamic growth and balanced financial situation promised by the May
1977 London summit meeting did not occur, so a decline in international
trade and financial relations is possible.
Indebtedness of the Socialist Countries as Seen from Hungary 193
Attempt to summarize a few important criteria for determining "the limits
of indebtedness" and at the same time an analysis of the situation of the
socialist countries - in August 1978.
Devaluation or Revaluation 201
About the changes in the economic situation of capitalist countries persuing
devaluation and revaluation exchange rate policies during the last decade.
Somé 1979 conclusions for the Hungárián economy.
East-West Financial Relationship in a Colder Climate 207
The lecture of June 1980 was concérned about the "cold winds" blowing in
East-West relations, advocating co-operation instead of confrontation.
Part Two
Economic and Monetary Issues in Hungary.
Reform of the System of Economic Control and Management 213
The Increased Role of Monetary and Credit Policy in Hungaty 215
A survey prepared in 1966 about the economic situation of Hungary from
the end of World War II till the preparations of the new system of economic
control and management to be introduced in 1968.
The Role of Foreign Exchange Management in the New Hungárián System
of Economic Control and Management 241
A 1966 debate which already pointed to the necessity of a uniform rate of
exchange, which has become timely now, fifteen years later.
A Critical Examination of the Reform after 18 Months in Operation
The fírst results of the reform could already be evaluated in 1969.
The First Three Years of the New Economic Mechanism
An analysis of the preconditions that would be necessary for bringing about
the external convertibility of the forint, which was already in 1971 a
declared aim.
The Five Years of the Economic Reform 29
The 1972 evaluation of the foreign trade achievements and balance of trade
and payments position of Hungary.
Banking in Hungary 301
A 1974 discussion of the Hungárián banking system, the domestic and
foreign credit policy of the National Bank of Hungary.
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Contents
Exchange Rate Policy in a Planned Economy 313
The dissolution of the international monetary system made the application
of an active exchange rate policy alsó necessary in Hungary (1977).
The First Decade of the Economic Reform 321
A 1978 assessment of the development of the reform, with special regard
to the requirements of improving internál and external economic
equilibrium.
Somé Specific Aspects of the International Economy and the Adjustment
Process in Hungary 327
A 1980 discussion of the methods by which the Hungárián economy
adjusted to the changed world economic situation.
How Rich Are We? 335
A 1979 contribution to a debate about the utilization in Hungary of
intellectual and innovative abilities.
Price and Exchange Rate Policy in Hungary 341
A review of the history of the Hungárián price and exchange rate system
from World War II to 1980.
Epilogue
357

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