Populism is boosted by economic crises, but its roots are cultural.
By Claus Leggewie – Populism is a method. It works by mobilizing an imaginary homogeneous entity called ‘the people’ against an equally ill-defined and generally despised ‘elite’, thus radically simplifying the political and social field. Such simplifications have served to orchestrate conflicts since the 19th century and in particular during economic and cultural crises—on the left, in terms of a class struggle against the powers that be; on the right, in terms of a confrontation with an ‘other’, be it foreigners or minorities.
Sometimes these two tendencies have gone hand in hand—for instance, when migrant workers have been portrayed as wage-squeezing competitors. In fact, though, a populism that purports to be about solidarity with the ‘common people’ always promotes social disunity.
As a catchphrase in political debates, populism may be useful; a productive analytical concept it however certainly is not. The ‘people’ our modern-day, nationalist populists champion are no longer defined socioeconomically (as in the ‘proletariat’). Rather, the populists employ ethnic constructs (such as Biodeutsche or français de souche), which suggest a homogeneous community with a shared ancestry, a long history and a solid identity.
It is to these ‘people’—not the actual, pluralist demos—that populists ascribe an authority which exceeds that of institutions: ‘The people stand above the law,’ as a slogan of the Austrian ‘Freedom Party’ goes.
In this view, there is no legitimate ‘representation’ through democratic processes. Instead, ‘the people’ form movements which back charismatic leaders and legitimize them retroactively by means of plebiscites. Right-wing movements may be diverse, but what they all have in common is a worldview that is utterly authoritarian (and usually patriarchal and homophobic too).
One’s own nation, ethnically defined, takes center-stage—think ‘America first!’ or La France d’abord! more>
By Aaron Bielenberg, James Williams, and Jonathan Woetzel – Infrastructure—for example, transportation, power, water, and telecom systems—underpins economic activity and catalyzes growth and development. The world spends more than $2.5 trillion a year on infrastructure, but 
By Dee Gill – A lot of people don’t have a clue what central banks do, much less how the institutions’ ever-changing interest-rate targets ought to affect their household financial decisions. Recent studies, including several by Chicago Booth researchers, find Americans and Europeans oblivious to or indifferent to the targets’ implications.
By Michael Maiello & Natasha Gural – It was, perhaps, the closest that the economics profession has ever come to a consensus. In January, 43 of the world’s most eminent economists signed a statement published in the Wall Street Journal calling for a US carbon tax. The list included 27 Nobel laureates, four former chairs of the Federal Reserve, and nearly every former chair of the Council of Economic Advisers since the 1970s, both Republican and Democratic.
By Matt Banholzer, Markus Berger-de Leon, Ralf Dreischmeier, Ari Libarikian, and Erik Roth – For large companies, building new businesses is essential for growth and reinvention. The key to success? Combining the strengths of an incumbent with the agility of a start-up.
