The Populist Temptation

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In recent years, populism has surged globally, reaching a peak in the U.S. with Trump's election, while also influencing Europe since the Great Recession. Populism vilifies economic and political elites, promoting the idea that 'the people' must reclaim power from unaccountable authorities. This ideology often fosters distrust not only of elites but also of experts, who are viewed as disconnected from the populace. A key feature of populist movements is the belief in a savior who embodies the hopes of the people. Historical figures like William Jennings Bryan and Huey Long exemplify this trend, culminating in Trump. The author, Barry Eichengreen, explores the resurgence of populism today, linking it to economic downturns that make it easier to blame elites for societal woes. While acknowledging that elite malfeasance exists, he critiques populist solutions as overly simplistic and economically harmful. Furthermore, populism can devolve into demagoguery and xenophobia by portraying ordinary people as victims of external forces. Eichengreen suggests that enhancing the welfare state is crucial for addressing the concerns raised by populists, particularly as America's inadequate welfare system contributed to the economic discontent that fueled Trump's rise. This analysis offers essential insights into the populist phenomenon and its implications following economic crises.