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This article challenges evolutionary accounts of property transformation in postcommunist Hungary, which hold that novel property forms based on interenterprise ownership have emerged in that country. It shows that private property has emerged as the predominant category of ownership in Hungary and explains the rapid diffusion of private ownership by focusing on the actions of the state and international agencies such as the International Monetary Fund and the European Union. Following the collapse of communism, state actors in Hungary promoted the domestic accumulation of capital by subsidizing the sale of state enterprises to private parties, particularly enterprise insiders. Pressures from international agencies ultimately forced government officials to abandon this policy, however, and to conform to a neoliberal model of the state that allowed direct foreign investment. The conclusion considers the capacity of states to intervene in economic processes in an environment increasingly dominated by suprastate agencies.