Hungarian interwar economy

In 1918, as a political result of German defeat on the Western front in World War I, the Austro-Hungarian Monarchy collapsed. French troops landed in Greece to rearm the defeated Romania, Serbia and the newly formed Czech state. Despite the general armistice agreement, the Balkanian French army organized new campaigns against Hungary with the help of Czech, Romanian, and Serbian governments.

On 31 October 1918, the success of the Aster Revolution in Budapest brought the left liberal count Mihály Károlyi to power as Prime-Minister.[52] Károlyi was a devotee of Entente from the beginning of the World War. By a notion of Woodrow Wilson's pacifism, Károlyi ordered the full disarmament of Hungarian Army, thus Hungary remained without national defense. On 5 November 1918 Serbian Army with French involvement attacked southern parts of the country, on 8 November Czech Army invaded Northern part of Hungary (present-day Slovakia), on 12 November Romanian Army started to attack the eastern parts (Transylvania, Partium) of Hungary.

The First Republic was proclaimed on 16 November 1918 with Károlyi as president. The Károlyi government pronounced illegal all armed associations and proposals which wanted to defend the integrity of the country. By February 1919 the government had lost all popular support, having failed on domestic and military fronts. On 21 March, after the Entente military representative demanded more and more territorial concessions from Hungary, Károlyi resigned and moved to Paris with a new Czechoslovakian passport and Czechoslovak diplomatic help.

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