The populism puzzle
What caused the uprising that has transformed global politics?
By Hal Weitzman – When UK voters elected a Conservative government in December 2019, they effectively re-endorsed their view, expressed in a referendum three years prior, that Britain should leave the European Union. The news was celebrated by, among others, US president Donald Trump, who drew a parallel with his own attempt to be reelected in 2020 by tweeting, in a paraphrase of comments by Fox News host Steve Hilton, “Here in America it will be the same victory as BREXIT, but even more so.”
The 2016 Brexit referendum, and its transatlantic counterpart—Donald Trump’s victory in that year’s US presidential race—surprised opinion pollsters, and prompted many observers to question conventional political thinking. This more-recent UK election, and a US presidential campaign that has so far been dominated by candidates on the edges of the political spectrum, demonstrates that political populism is a still-potent force. Two of the world’s most stable and well-established democracies appear to have embraced populism and shunned globalization, which has led to much soul-searching about the future of liberal democracy.
The results have also challenged economic thinking, and Chicago Booth’s Lubos Pastor and Pietro Veronesi have been among the researchers studying the implications. “As economists, we have been taught to think that globalization is good, because people get to specialize, and you have free trade, and that’s a way of making somebody better off without making anybody worse off,” says Pastor. “Yet here—with the Trump and Brexit votes—you saw half the population rebelling. You saw the median voter turning against globalization.”
The real puzzle is this: Why did the United States and the United Kingdom turn to populism at a time of economic growth? more>
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