Unorthodoxy in Hungary: an illiberal success story?

This paper offers a political economy perspective of Hungary under the Orbán regime (2010–18). What specific variety of capitalism emerged from the series of centralising measures pertaining to property, banking, fiscal management and the division among various policy fields? We provide a functional overview of the Hungarian model of the market applying the varieties of capitalism framework. How far did it all succeed? The two hypotheses to be tested are (a) that incremental change translated into a new quality in 2010–18; and (b) that it were the uniquely favourable external conditions rather than institutional and policy innovations that explain less than exceptional outcomes.