In 1934, the faculty was merged with other institutions including the University of Technology to form the Hungarian Royal Palatine Joseph University of Technology and Economics. Modern economist training began in 1948, when the Hungarian University of Economics was established as a separate universitas. Since then, the institution has undergone multiple name changes. In 1953 it was renamed Karl Marx University of Economic Sciences. In 1990 the political system changed in Hungary. After 43 years democratic and free parliamentary elections were held. Following that the name of the university was changed to the University of Economics of Budapest.