The collective expression “economic translation” includes the translation of various texts on finances, banking, accounting, taxation, insurance, trade and economics. The translation of economic texts is rather difficult, since the universal terms of economics were not taught in Hungary for some twenty years. The result of this is that an entire generation of economists grew up with a total indifference towards basic terms degraded (formerly) as “civil rudiments”, such as market, profitability, liquidity, hedging theory, marginal benefit, cartel and business associations. Another problem is the unspecific and unreliable terminology that lags behind the fast-paced development in the field. Authors and translators virtually mass-produce new, unique expressions that are not always suitable for the intended purpose. There have been several attempts to resolve this terminological chaos, but with no real success to date. An additional difficulty is the difference between the terminology used in the United States, in certain countries of Europe and in Hungary.
ILS has accumulated a vast collection of dictionaries recommended by domestic and international institutions, so that our translators can use authentic reference materials. In the case of recurrent translations we make use of previous assignments that are identical or similar in structure. This is widely used in the translation of balance sheets, for instance.