Experts claim that in contrast with the American or French economic policy Hungary has not protected its national companies. The governments of the USA and France have brought serious measures recently to protect their companies and to check foreign investments in their countries. The question of a ’patriotic economic policy’ has risen among Hungarian economists, too.
The profit orientated multinational capital is opposed here to the local interests focused on job creation. The national companies can play a great part to protect the local interests in taxation and creating new jobs. István Varga, vice chairman of the National Union of Hungarian Taxpayers (MAOSZ) said to Magyar Nemzet there had been nothing done in Hungary to protect national companies in spite of the fact that the proportion of foreign capital was much greater here than elsewhere in Europe. He said the problem is even greater because the so-called speculative capital was also much greater in Hungary which made profits outside Hungary.
The average daily cash flow on the derivative money market in Hungary is about HUF 900 billion and its sole purpose is to remove profits from the country. István Varga mentioned the positive example of the countries in South-Eastern Asia where the national banking systems helped the home economy and enhanced the quick development of technology and that of the society itself, contrasted with the problems of states in Africa and Southern America. Károly Lóránt economist, working for the European Parliament, has expressed a similar opinion claiming that the Hungarian economic policy loses annually a market worth 11 billion dollars. ’75 pc of the Hungarian machine industry, 80-90 pc of the banking system in Hungary are in foreign hands’, he said, and since the change of regime in 1990 Hungary has sold its state property to non-residents who have not any patriotic inclinations even to preserve or maintain their properties with due care.
Translated by Péter Szentmihályi Szabó
origo.hu
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