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| 1923, Dec. 20 |
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| The League of Nations adopted a plan for economic reconstruction of Hungary, not unlike the one successfully applied in Austria. This continued until June 1926. | 1 |
| As the economy improved in the late 1920s, the government implemented new social policies. While broadening the areas of compulsory accident and health insurance, and raising the duration and amount of sickness benefits, the Bethlen government also introduced old-age, disability, and widows' pensions. Over a million workers were included in insurance programs. Under Minister of Culture Kunó Klébelsberg, education also improved. With increased numbers of students and teachers, literacy increased to 90 percent. | 2 |
| Moderate reforms were also introduced in the election process of municipal governments. And, while the restoration of the upper house of the national assembly gave more power to the landed aristocracy (Nov. 11, 1926), the majority of this house was now elected, not appointed. This political, economic, and social consolidation of limited parliamentarianism was halted, however, when the depression hit Hungary. | 3 |
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| 1927, April 5 |
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| Treaty of friendship with Italy, initiating a period of close relations. This was reflected in the growing agitation for treaty revision, which was ardently supported in Britain by the Rothermere press. It also signified an end to Hungarian isolation. | 4 |
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| 1930, Sept. 1 |
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| Social conflicts resulting from the depression culminated in a mass demonstration in Budapest. With the economic collapse of Eastern Europe, agricultural workers saw their salaries drop over 50 percent, the debts of small landholders tripled, and over one-third of industrial workers were unemployed. Those who could find work received salaries 25–30 percent below 1929 averages. In this atmosphere opposition to the government resurfaced on the Left and Right. | 5 |
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| 1931, Aug. 15 |
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| France granted a loan to Hungary, evidently on condition that revisionist agitation should cease. | 6 |
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| Aug. 19 |
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| Resignation of Count Bethlen, officially because of ill health, actually because of inability to cope with the financial situation. His friend, Count Julius Károlyi, took his place. | 7 |
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