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The article investigates the reasons behind the recent backsliding of Hungary in terms of economic performance, with special relation to its membership of the European Union's common market, the introduction of the euro, and the reform steps taken by governments in recent years. The article is makes statements about Hungary in relation to the 'varieties of capitalism' debate.

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The article agues that the much heralded Tatra Tiger phenomenon in Slovakia is much less of a miraculous growth and catch up story akin to the Asian Tigers or Ireland, and much more of a late economic recovery based on a radical opening to FDI and the reduction of the Slovak welfare state. It attempts to demonstrate how the low rate flat tax system had much less influence on this success story, and how the average Slovak citizen benefited less from it than it is usually assumed. It also aims to raise concerns about the sustainability of this model, as well as its applicability in other economies of the region.