Antall-Boross MDF conservative government — gradualist transition 1990-1994

Doctrine — stated goals and content

Antall's MDF-led coalition was Hungary's first post-1990 democratically elected government — Christian-national- conservative in rhetoric but gradualist-reformist in economic substance. Economic school: gradualist transition — rejection of Polish-style shock therapy in favour of incremental liberalisation, privatisation by sale, and social-shock absorption. Left-right axis: centre- right, with national-conservative cultural content and moderate liberal-economic content. Core policy content: (i) rejection of shock therapy in favour of gradualism — "soft-landing" strategy that left inflation high (~25% 1991-1993) and unemployment rising 1→12% 1990-1993; (ii) 1991 State Property Agency (ÁVÜ) launched case-by-case privatisation rather than mass voucher scheme — Hungary became magnet for foreign strategic investors (Matáv, Tungsram/GE, Suzuki); (iii) 1991 Compensation Act (Kárpótlás) issuing compensation vouchers to victims of communist expropriation — partial restitution instead of full return; (iv) 1991 bankruptcy law (Act XLIX of 1991) imposing hard budgets and triggering 1992-1993 insolvency wave; (v) 1992-1993 bank-consolidation programme recapitalising Budapest Bank, MHB, K&H etc. at huge fiscal cost; (vi) 1991 Europe Agreement signed; (vii) 1993 Hungarian citizenship law and national- minority-protection framework. Macro: GDP fell ~18% cumulatively 1990-1993, trade with COMECON collapsed; recovery began 1994. Popularity: MDF 24.7% 1990; collapsed to 11.7% in 1994 on economic shock and Antall's death. Coherence: medium — gradualism preserved social stability but prolonged inflation and deferred restructuring, forcing the 1995 Bokros package under the successor.