Foreword This centennial book covers the last hundred years of Hungary’s economic history. The purpose of our analyses is twofold. On the centenary of the externally imposed Trianon Peace Treaty, the Magyar Nemzeti Bank commemorates one of the most painful moments in Hungarian history. We also believe that the lessons from all of Hungary’s previous crises can be useful in the current global pandemic situation and in the corresponding global economic crisis. We can learn from mistakes and we must constantly build on virtues. Moreover, there are numerous past episodes that are worth studying. If the ten decades behind us were to be characterised by a single term, “continuous resumption” could best describe the situation. In addition to internal economic developments and economic policy decisions, our country’s history has been shaped at least as much by waves of tectonic geopolitical movements or by recurring shocks in the world economy. Apart from rare periods, the Hungarian economy was unable to enjoy such a stable and secure environment that, for most of the 20th century, characterised Western Europe or the quickly emerging Asian countries. Since 1920, Hungary has suffered the pains of the tragic, externally imposed Trianon Peace Treaty, the horrors of World War II, oppression by communist state power that lasted for nearly half a century, and the period of the liberating regime change that nevertheless created considerable economic uncertainty. All of these events set Hungary’s development back for many years, and thus, the long-standing desire to converge to Western European living standards remained a mere dream.
—7—
