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The crisis of 2008–2009 has ended, stockmarkets skyrocketed in 2012–2013, while growth of the real sector remained sluggish in Europe. This article attempts to explain the latter puzzle. Analyzing long term factors, the costs of short-termism in crisis management become obvious. The limitations of EU as a growth engine are highlighted.

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This essay attempts to go beyond presenting the bits and pieces of still ongoing crisis management in the EU. Instead it attempts at finding the ‘red thread’ behind a series of politically improvised decisions. Our fundamental research question asks whether basic economic lessons learned in the 1970s are still valid. Namely, that a crises emanating from either structural or regulatory weaknesses cannot and should not be remedied by demand management. Our second research question is the following: Can lacking internal commitment and conviction in any member state be replaced or substituted by external pressure or formalized procedures and sanctions? Under those angles we analyze the project on establishing a fiscal and banking union in the EU, as approved by the Council in December 2012.

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This essay is an attempt to generalize experiences of Central and Eastern European universities in the field of European Studies over the past 20 years. The paper follows the logic of business analysis in order to come up with proposals for future action.

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Abstract

Far the most acknowledged and influential author in the economics of Eastern Europe has been János Kornai, the theorist of economic systems and a prolific writer on a variety of subjects in the seventy years of his academic career. His output appeared in more than a dozen of languages. He was criticized and appreciated, especially on the occasion of his 90th birthday, commemorated by – yet another – Festschrift, special issues of academic journals, later followed up by countless obituaries paying the due tribute to someone who has never made to the Nobel Prize, but whose influence definitely exceeded that of many recipients. In this essay we avoid the usual chronological description and highlight certain major themes and try to establish his place in the history of global economic thought. We are aware of our constraints, since it would perhaps take a monograph rather than an article to serve justice to this exceptional academic output of his.

Open access
Acta Oeconomica
Authors:
László Csaba
and
Pál Czeglédi
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Acta Oeconomica
Authors:
László Csaba
and
Pál Czeglédi
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Abstract

This essay joins in the international controversy about the nature and sustainability of the economic system in China. While official ideology continues to stick to the concept of ‘socialist market economy,’ albeit with changing contents, international observers are split. One group considers China as a de facto market economy, which is in line with the top-down tradition of ruling in the region. Others consider it as a sui generis system. And a third line takes it as yet another case of hybrid regime which proliferated globally in the new millennium. I try to create a link between these readings and the empirics of Chinese growth. This may help interpret the slowdown, exacerbated by the COVID-19 epidemics on Chinese output.

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This essay is an attempt to put two major events in a broader perspective. Comparing the two dominant discourses, we attempt to address the meaning and thus the strategic options of European integration at a time of crisis. A political economy approach is adopted to explain the different dynamics of the two cases and to specify conditions for a more efficient integration in the years to come. Some proposals for policy reform conclude.

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Acta Oeconomica
Authors:
Judit Kapás
,
László Csaba
, and
Sándor Mészáros

(1)Douglass C. North: Understanding the Process of Economic Change (Princeton and Oxford: Princeton University Press, 2005, 187 pp. - Reviewed by Judit Kapás), (2) Vladimir Mau: From Crisis to Growth (London: Centre for Research into Post-Communist Economies, New series, No. 21, 2005, 305 pp. - Reviewed by László Csaba), (3) Imre Ferto: Agri-food Trade between Hungary and the EU (Budapest: Századvég, 2004, 257 pp. - Reviewed by Sándor Mészáros)

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