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This paper focuses on therearticulation of neoliberalism in Hungary following the 2007-8 global economiccrisis. Since coming into power in 2010, on a popular backlash against austerity, thenational-conservative FIDESZ government, led by the mediagenic Viktor Orbán, hascarried out a root-and-branch transformation of Hungarian society. While officiallyproposing a break with neoliberalism at home and abroad, the Orbán regime has ratherrearticulated it, producing a specific variety of 'authoritarian neoliberalism', which skilfullycombines some of the central tenets of neoliberalism (maintenance of abalanced budget, introduction of a flat tax system and the pursuit of regressive socialpolicies) with 'nationalist-populist' measures that seek to co-opt and/or repress subalterngroups in society (compare, for example, the provision of state-sponsored cuts topublic utility bills prior to the 2014 general elections with the government?sresponse to the ongoing refugee crisis). Recently, this model has received increasingattraction from governments elsewhere (cf. Czech Republic, Poland, Russia). Drawing oncentral concepts in Marxian political economy, the paper analyses the ways in which the Orbán regimehas been consolidated in Hungary and its relationship to authoritarianneoliberal regimes elsewhere.