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Bolshevik economist of Hungarian origin. Participated in the short-lived Soviet Republic of Hungary of 1919. After the overthrow of the Soviet Republic he went to the USSR, where he became an economic adviser to Stalin. In 1946 he published his only post-war work, The Economic Transformation of Capitalism at the End of the Second World War, in which he argued that the capitalist system was more inherently stable than had been hitherto believed. This led to the closure of the Institute which he headed.
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