David Stark's article "Recombinant Property in East European Capitalism" explores the unique form of organizational hedging in post-socialist Hungary, where actors diversify and recombine resources to navigate uncertainty. This process, termed "recombinant property," involves decentralized reorganization of assets and centralized management of liabilities, blurring the boundaries between public and private, enterprises, and justificatory principles. The article draws on field research, data on the ownership structure of Hungary's largest enterprises and banks, and an examination of government debt consolidation programs to argue that Hungary is emerging as a distinct type of capitalism, different from both West European and contemporary East Asian variants. The analysis highlights the complexity of property transformation in Hungary, where new forms of state ownership and interenterprise ownership are common, and where the boundaries between public and private, and between enterprises, are increasingly blurred. The article also discusses the impact of these changes on the Hungarian economy, including the emergence of "corporate satellites" and "metamorphic networks," and the government's efforts to manage liabilities through centralized debt consolidation programs.David Stark's article "Recombinant Property in East European Capitalism" explores the unique form of organizational hedging in post-socialist Hungary, where actors diversify and recombine resources to navigate uncertainty. This process, termed "recombinant property," involves decentralized reorganization of assets and centralized management of liabilities, blurring the boundaries between public and private, enterprises, and justificatory principles. The article draws on field research, data on the ownership structure of Hungary's largest enterprises and banks, and an examination of government debt consolidation programs to argue that Hungary is emerging as a distinct type of capitalism, different from both West European and contemporary East Asian variants. The analysis highlights the complexity of property transformation in Hungary, where new forms of state ownership and interenterprise ownership are common, and where the boundaries between public and private, and between enterprises, are increasingly blurred. The article also discusses the impact of these changes on the Hungarian economy, including the emergence of "corporate satellites" and "metamorphic networks," and the government's efforts to manage liabilities through centralized debt consolidation programs.