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Authoritarian neoliberalism and the instrumentalization of the banking sector in Turkey and Hungary
Title / Series / Name
Competition & Change
Publication Volume
Publication Issue
Pages
Editors
Keywords
Hungary
Turkey
authoritarian neoliberalism
banking
instrumentalization
General Business,Management and Accounting
Turkey
authoritarian neoliberalism
banking
instrumentalization
General Business,Management and Accounting
URI
https://hdl.handle.net/20.500.14018/27853
Abstract
This paper studies the evolution of the domestic banking sector in Hungary and Turkey where Viktor Orban and Recep Tayyip Erdogan have intervened to politically control credit allocation. We argue that both leaders have instrumentalized the banking sector to serve their political needs rather than following a developmentalist agenda under authoritarian neoliberalism. This occurred through two distinct patterns following the 2008 Global Financial Crisis in an attempt to ensure their political survival: while Orban intervened in the banking sector to secure partisan access to consumption, Erdogan did so to ensure partisan business access to cheap credit. These policy preferences reveal additional components of an autocrat’s toolkit for political survival, which are strongly influenced by the constellation of dominant social bloc interests and the relative position of their national economies within the overall global financial hierarchy.
Topic
Publisher
Place of Publication
Type
Journal article
Date
2025-08
Language
ISBN
Identifiers
10.1177/10245294251361208