Modernisation, in theory, is possible if after the takeoff period both society and economy will be able to sustain their internalised growth and to adopt changes answering internal and external challenges. The fact that Hungary could not embark on this path, even after 150 years of attempts, can be explained by world system analysis. Development and backwardness are two sides of the same coin: Hungary was – and remains – on the semi-periphery of the capitalist world economy. It is our luck that falling further down is not so easy either.