This exceptionally thorough treatment of the Hungarian economy and its experience of economic reform over the past twenty years investigates the decentralizing measures and market mechanisms that have been progressively introduced. Within a wider discussion of the appliance and success of Soviet type economics (STES), the author considers the limitations on and limitations of the present Hungarian economic model. This timely English version of Xavier Richet's French original provides much insight into what has gone wrong in Hungary and suggests ways future pitfalls might be avoided.