Hungarian Economic Review

A new economics of strategic autonomy: Europe at a crossroads

Olivér Kovács — 2026-03-24

This paper reinterprets the concept of strategic autonomy through the lens of systems theory and from the perspective of the European economy. It argues that the prevailing approach – linking strategic autonomy to the reinforcement of internal quantitative growth – rests on increasingly fragile assumptions about economic resilience and independence. Instead, the study contends that a meaningful form of European strategic autonomy requires a shift toward qualitative growth or even degrowth, emphasizing sustainability and systemic adaptability over expansion. The paper employs the metaphor of the “zombie phenomenon” to illustrate the persistent reliance on growth-oriented paradigms that continue to shape European policy discourses, despite their structural limitations. By integrating systems-theoretical reasoning with a post-growth perspective, the analysis invites a reconceptualization of strategic autonomy as a transformative process – one that entails both economic and conceptual renewal in the face of Europe’s current crossroads.

Filtered liberalisation and double standards

Imre Fertő — 2026-03-24

The EU–Mercosur agreement debate is not merely about tariffs. It concerns how market opening interacts with EU environmental, animal-welfare and food-safety standards, and how gains and losses are distributed across member states, product lines and farm types. Recent literature suggests small aggregate effects for the EU but sizeable distributional consequences: beef, poultry, sugar (and partly rice) appear more exposed, while competitive segments (e.g. dairy and pigmeat) may benefit from new export opportunities. “Filtered liberalisation” (tariff-rate quotas, SPS and conformity regimes, sustainability provisions) can mute direct income shocks, yet it does not eliminate a central governance paradox: the perceived gap between strict internal rules and external enforcement. This paper provides a mechanism-oriented synthesis of key impact channels and policy implications.

The interaction between corporate control and absorptive capacity in the supplier integration of domestic firms

Tamás Vasvári — 2026-03-24

This paper investigates the interplay between multinational enterprises’ (MNEs) corporate control and the absorptive capacity of domestic firms in supplier integration, using the case of a German-owned manufacturing subsidiary in Hungary. The analysis explores whether the low share of Hungarian suppliers in the company’s procurement structure is primarily attributable to the limited autonomy of the subsidiary or to the weaker capabilities of domestic suppliers. Using procurement data from 2015–2019 complemented by financial and firm-level indicators, logistic regression and propensity score matching techniques were applied. The results show that domestic suppliers tend to be smaller, less productive, and offer lower wages than their foreign-owned counterparts. However, even after controlling for these characteristics, foreign-owned suppliers are significantly more likely to deliver complex products, reflecting a structural bias in favour of external suppliers and a highly centralized corporate governance system. Consequently, the dual structure of the Hungarian economy is not only the result of domestic firms’ limited capabilities but also of the organizational design of MNEs. The findings underline the need for economic policies that, beyond strengthening local absorptive capacities, encourage deeper local embeddedness and greater procurement autonomy of subsidiaries.

The Discourse of Entrepreneurship

Balázs Szepesi — 2026-03-24

Based on articles published in Közgazdasági Szemle between 1990 and 2024, the study explores how entrepreneurship has been framed in Hungarian economic thought. We analysed 245 papers along three dimensions: levels of analysis, research focus, and thematic focus. We designed two conceptual frameworks to compare theoretical orientations. Our findings show that macro-, meso-, and firm-level papers were published in similar proportions, and context- and outcome-oriented approaches were also evenly represented. Development, transformation, and economic policy remained dominant research themes. In the early period, privatisation was emphasized, while in recent years, SMEs, value chains, and leadership have become more popular topics. Micro-level, action-oriented perspectives remained underrepresented. This research contributes to self-reflection regarding entrepreneurship studies and offers directions for future research.

Rhetorical economics?

Ádám Török — 2026-03-24

Jelen tanulmány hozzászólás Mihályi Péter Miért nem lehet a hozzáadott érték a fejlesztéspolitika iránytűje? című cikkéhez. A szerző a közgazdaságtanban gyakran használt, de kevéssé definiált fogalmak – mint a versenyképesség vagy a hozzáadott érték – értelmezési problémáit járja körül, különös tekintettel azok gazdaságpolitikai kommunikációban betöltött retorikai szerepére. Kritizálja azt a megközelítést, mintha a hozzáadott érték valóban a magyar gazdaságpolitika iránytűje lenne, és rávilágít arra, hogy ezek az állítások gyakran inkább retorikai fogások, mint megalapozott szakmai tények. Bevezeti a „retorikai közgazdaságtan” fogalmát, amely olyan eseteket ír le, ahol számszerűleg nem megragadható közgazdasági tényeknek indokolatlanul kvantitatív jelentőséget tulajdonítanak. A tanulmány Mihályi Péter nyolc pontban megfogalmazott érveit elemzi a hozzáadott érték gazdaságpolitikai felhasználásával szemben, miközben számos ponton egyező álláspontot képvisel. Különös figyelmet fordít a mosolygörbe elméleti megalapozatlanságára és az innovációval kapcsolatos felületes politikai állásfoglalásokra, kiemelve a szakmailag bizonytalan fogalomhasználat káros hatásait mind a kommunikációban, mind a gyakorlatban.

Industrial policy, development policy

Péter Ákos Bod — 2026-03-24

The study deals with some controversial aspects of development policy and industrial policy, reflecting on Péter Mihályi’s criticism (Mihályi, 2026) of the overuse of the value added in industrial policy. Hungarian structural policy practice has generally reacted to changes in the external environment, serving to correct the unintended consequences of the domestic economic system, and to enforce political preferences. Value added (GDP) is an obvious measure, but actual development policies are context dependent. In Hungary, from 2010 onwards, structural policy has focused on the promotion of domestic champions, and increasing production volumes and employment, neglecting the productivity aspects. The distortion of the competitive landscape and the spread of rent-seeking behaviour have demonstrably impaired resource allocation and lead to a loss of momentum.

Az Egyesült Államok politikájának megváltozása és az átalakuló globális gazdasági környezet Európára gyakorolt hatásai

Ákos Kengyel — 2026-03-24