TOKYO
– The recent victory of the conservative Law and Justice (PiS) party in
Poland confirms a recent trend in Europe: the rise of illiberal state
capitalism, led by populist right-wing authoritarians. Call it Putinomics in Russia, Órbanomics in Hungary, Erdoğanomics in Turkey, or a decade of Berlusconomics from which Italy is still recovering. Soon we will no doubt be seeing Kaczyńskinomics in Poland.
All are variations on
the same discordant theme: a nationalist leader comes to power when
economic malaise gives way to chronic and secular stagnation. This
elected authoritarian then starts to reduce political freedoms through
tight-fisted control of the media, especially television. Then, he (so
far, it has always been a man, though France’s Marine Le Pen would fit
the pattern should she ever come to power) pursues an agenda opposing
the European Union (when the country is a member) or other institutions
of supra-national governance.
He will also oppose free trade,
globalization, immigration, and foreign direct investment, while
favoring domestic workers and firms, particularly state-owned
enterprises and private business and financial groups with ties to those
in power. In some cases, outright nativist, racist parties support such
government or provide an even deeper authoritarian and anti-democratic
streak.
Read more at https://www.project-syndicate.org/commentary/europe-far-right-state-capitalism-by-nouriel-roubini-2015-10#uJdMvARFegUbBRFZ.99Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics
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