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"If anyone had been placing bets back in 1989, trying to guess which Warsaw Pact state would emerge most rapidly and successfully from communism, most of the money would have been on Hungary. Thanks to a regime that began experimenting with economic liberalism in the 1980s, Hungary was known back then as 'the happiest barrack in the socialist camp.'”
~ Anne Applebaum
#Trump #economy #authoritarianism #corruption #Orbán #Hungary
/1
@wdlindsy@toad.social"In the 1990s, Hungary’s educated population, rapid privatization, great architecture and decent food meant that Hungary attracted a disproportionate amount of foreign investment, given its small size.
But now it's the 2020s, and Hungary is bumping along at the bottom of many indexes instead. ...
Without checks and balances, without transparency and journalism and the rule of law, Hungary first became corrupt, and then poor."
#Trump #economy #authoritarianism #corruption #Orbán #Hungary
/2
"Although Orbán talks a lot about “the people,” he has used his near-absolute power to enrich a small group of wealthy businessmen, some of whom are members of his family. Corruption has cost Hungary EU funding and foreign investment. It also means that some twenty percent of Hungarian companies operate 'not on market principles, not on merit-based principles, but basically on loyalty.'"
#Trump #economy #authoritarianism #corruption #Orbán #Hungary
/3
"Why does Hungary’s trajectory matter? Because the United States is now on it. From Donald Trump to Steve Bannon to Tucker Carlson, multiple MAGA figures have praised Orbán, praised Hungary, or visited Budapest themselves. Kevin Roberts of the Heritage Foundation, notwithstanding his own institution’s negative analysis of Hungarian governance, has called modern Hungary 'not just as a model for modern statecraft, but the model.'”
#Trump #economy #authoritarianism #corruption #Orbán #Hungary
/4
"All of them want autocratic rule so that they can keep power indefinitely. But sooner or later, corruption and stagnation will follow. If Hungary is the future, it’s grim."
#Trump #economy #authoritarianism #corruption #Orbán #Hungary
/5
@wdlindsy
We can assume that the USA will grow its underground economy under the Trump Regime, especially if it continues to mimic Orban's regime.
Hungary has a shadow economy that is neither taxed or monitored by the government. It is estimated to be at 24% in 2024. As more Americans become unemployed under Trump's 'acceptable pain period", unemployment will also grow. Hungary's unemployment was at 20% in 2024.