following the treaty of trianon on june 4, 1920, hungary, one of the defeated powers, was reduced to nearly 32.6% of its former size. the treaty established which states would replace the former kingdom of hungary, with the most dramatic economic consequences of the dismantling affecting hungary herself. before the war hungary depended upon the austrian and czech parts of the empire for the import of up to 80% of hungary’s raw materials and a market accepting an equal percentage of hungarian exports; the end of the austro-hungarian empire left the new hungarian state with few raw materials, a loss of its markets, and no sea access, all adding to the devastation of hungary’s destroyed economy.