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Dualist Economy

1867-1918

Compromise 1867

  • Austro-Hungarian Monarchy 1867-1918
  • Franz Joseph, Count Andrássy Gyula PM

Status

Economic compromise

  • Kvota 70-30% - comm...

Economic compromise

  • Quota 70-30% - common affairs
  • Unified market - common tariff system, currency, measurements
  • protective customs
  • free flow of capital and labour force
  • for 10 years

Infrastructure

Currency reform - Wekerle Sándor

  • gold cover for the crown 1892
  • banks opened - foreign and later Hungarian capital invested
  • banks became shareholders
  • credit is necessary for investment

Regulation of rivers

  • longest dam system in Europe
  • Tisza flood - Szeged 1879
  • navigable rivers, new territories for agriculture - swamps are drained

Transportation

Railway is basis of development

  • started in reform age 1846 Pest-Vác
  • needed to join world trade
  • private capital needed - state assured income for investor - interest insurance
  • later state bought lines - MÁV 1868
  • this meant cheap prices for transportation
  • Baross Gábor - iron minister
  • modern railway network like in Europe
  • railway developed other fields of industry - mining, machinery, textile
  • hidden places connected
  • cheap raw materials

Navigation on rivers and at sea

  • rivers made navigable
  • Baross Gábor
  • Fiume - international port
  • British support
  • success in Hungarian export

Navigation on rivers and at sea

  • rivers ma...

Economic policy

  • industry became strategic field
  • though most politicians landowners...
  • legislative support - laws on industry
  • compromise - protective customs
  • main goal is closing up!

Industrial development

Industry can develop now

  • no more guilds
  • factories founded - Ganz, Weiss...
  • cheap labour force
  • foreign and home capital invested
  • best is food/processing industry and heavy industry - industrial centres
  • agriculture surplus invested in industry
  • milling industry - Budapest
  • 1st and 2nd industrial revolution together!!!

Industry can develop n...

Hungarian inventions

  • Kandó Kálmán - electric traction
  • Galamb József - Ford's engeneer
  • Déry Miksa, Bláthy Ottó - transformer
  • Bánki Donát, Csonka János - carburator
  • Puskás Tivadar - telephone exchange
  • etc..............

The larder of the monarchy

  • always primary field of economy
  • export gradually increased
  • our market is the monarchy
  • our wheat protected by tariffs - cheap American crops
  • growing productivity - more territories, some machines (only latifundia!), huge amount of cheap labour force (agrarian proletariat), fertilisers, crop rotation
  • fruits - vegies - fodder plants
  • animal breeding - shelters, new species

Agriculture

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