Cycles and trends in the Hungarian economy, 1990-2005

The two main contentions in the article are that a kind of creative destruction has been occurring in the Hungarian economy since the change of system, but that the trend is cyclic, not continuous. The trend encompasses a radical transformation of the market, production and ownership structures. The cyclicity - periodic acceleration and deceleration of various economic and privatization processes - derives partly from world economic processes such as external demand and international capital flows, and partly from domestic causes.