Róbert Alföldi’s early production in 1998, the first performance of The Merchant of Venice in Budapest after the regime change, had a public discourse-shaping effect because it addressed the presence of the radical far right in contemporary Hungarian political history. Alföldi’s production fulfilled its political function by evoking a past and a possible future closely linked to the memory of anti-Semitic violence. In my study, I use Philther’s analysis to examine the theatrical-cultural context of Alföldi’s production, the dramaturgy, the visuals, the direction, and the acting, with a special focus on Zolán Rátóti’s portrayal of Shylock. I also examine the impact of the performance. Alföldi’s production of The Merchant of Venice had a significant influence on public discourse. It contributed to the process of reintroducing Jewish expressions into public discourse shaped by the legacy of state socialism.