TY - JOUR
T1 - Politicising embedded neoliberalism
T2 - continuity and change in Hungary’s development model
AU - Bohle, Dorothee
AU - Greskovits, Béla
N1 - Publisher Copyright:
© 2018, © 2018 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2019/7/29
Y1 - 2019/7/29
N2 - Focusing on the critical Hungarian case, this article analyses the fate of embedded neoliberal capitalism in the wake of the global financial crisis. The changes include policies to combat foreign dominance in the financial, energy, and retail sectors, and efforts to reform and retrench the hitherto relatively generous welfare state. Nevertheless, the article finds no less evidence of continuity than of change: the politicisation of fighting dependency is combined with the quiet politics of subsidising foreign direct investment in manufacturing, and the noisy politics of protecting pensioners and middle-class families parallels the erosion of future-oriented social investment. Notwithstanding the radical turn in development rhetoric, the actual path correction has merely shifted the pattern of dependency without breaking out of it: financing socio-economic development in Hungary (as in other Visegrád states) is still largely dependent on foreign sources, albeit of a more diversified nature, including not only manufacturing FDI, but the EU’s structural funds and migrant labour’s remittances as well.
AB - Focusing on the critical Hungarian case, this article analyses the fate of embedded neoliberal capitalism in the wake of the global financial crisis. The changes include policies to combat foreign dominance in the financial, energy, and retail sectors, and efforts to reform and retrench the hitherto relatively generous welfare state. Nevertheless, the article finds no less evidence of continuity than of change: the politicisation of fighting dependency is combined with the quiet politics of subsidising foreign direct investment in manufacturing, and the noisy politics of protecting pensioners and middle-class families parallels the erosion of future-oriented social investment. Notwithstanding the radical turn in development rhetoric, the actual path correction has merely shifted the pattern of dependency without breaking out of it: financing socio-economic development in Hungary (as in other Visegrád states) is still largely dependent on foreign sources, albeit of a more diversified nature, including not only manufacturing FDI, but the EU’s structural funds and migrant labour’s remittances as well.
KW - Hungary
KW - Visegrád states
KW - crisis
KW - dependency
KW - economic nationalism
KW - varieties of capitalism
UR - http://www.scopus.com/inward/record.url?scp=85058839995&partnerID=8YFLogxK
U2 - 10.1080/01402382.2018.1511958
DO - 10.1080/01402382.2018.1511958
M3 - Article
AN - SCOPUS:85058839995
SN - 0140-2382
VL - 42
SP - 1069
EP - 1093
JO - West European Politics
JF - West European Politics
IS - 5
ER -