The threat of Europe’s rising tide of illiberal state capitalism

Only bold policies can halt Europe’s slide toward secular stagnation and nationalist populism, writes Nouriel Roubini

Russian President Vladimir Putin

THE recent victory of the conservative Law and Justice 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, Erdo?ganomics in Turkey, or a decade of Berlusconomics from which Italy is still recovering. Soon we will no doubt be seeing Kaczy´nskinomics in Poland.