Populism

Responses to Populism Require Understanding Why Voters Lose Faith in Experts

Expert civil servants devise ever more sophisticated policies to tackle emergencies such as climate change. But when voters lose faith in experts, they vote for anti-elite populist leaders who promise to drain the swamp in the civil service. Gabriele Gratton and Barton E. Lee write that understanding populist voters’ calculations and mistrust is key to designing democratic institutions that can address the most pressing challenges of our times.

How Anthony Downs’s Analysis Explains Rational Voters’ Preferences for Populism

In new research, Cyril Hédoin and Alexandre Chirat use the rational-choice theory of economist Anthony Downs to explain how populism rationally arises to challenge established institutions of liberal democracy.

History Suggests Economists Need To Think Precisely About Populism

Economists have become increasingly interested in questions about populism over the last decade and particularly since Brexit and the election of American President Donald Trump. However, the definition of populism remains contested. Alan de Bromhead and Kevin O’Rourke argue that economists need a better understanding of populism’s history and its variegated goals when ascribing specific characteristics and behaviors to populists and their movements.

How Trust in Institutions Impacts Monetary Policy

Social trust in democratic institutions affects the ability of those institutions to carry out policy. In new research, Rustam Jamilov shows how decreasing trust in the U.S. institutions has reduced the ability of the Federal Reserve to influence the economy in states that exhibit lower levels of trust.

The Historical Cost of Populism

Most work on populism has investigated the reasons why voters choose populist leaders and governments. In new research, Moritz Schularick,  Christoph Trebesch,...

Event Notes: Populism and Economics in Latin America

Recent elections have led to a shift in power and ideology across Latin America. Newly elected leaders have brought a new outlook...

Are We Witnessing the Fall of the American Liberal Order?

In the past 30 years, liberalism has not lived up to its promise to deliver economic returns for the broad majority of...

Piketty on the Covid-19 Crisis: “It Is High Time to Use This Opportunity to Counter the Dominant Ideology and Significantly Reduce Inequality”

In an interview with ProMarket, Thomas Piketty speaks about his new book, the role of ideology as a driver of inequality, and...

The World After Covid-19: Inequality Within Rich Countries Will Increase, Globalization Will Reverse, Politics Will Remain Turbulent

The negative effects of the crisis on growth will be very strong. But it will not affect everyone in the same way. If the...

Populism Weakened the Immune System of Our Democracies. Chile Is an Example

Modern societies have developed immune systems to deal with epidemics: international cooperation, social cohesion, universal health care systems. But today we face the greatest...

LATEST NEWS

The Kroger-Albertsons Merger Threatens Smaller Upstream Suppliers

Much of the conversation of the proposed Kroger-Albertsons merger has focused on the risks to consumers. However, the merger also poses serious implications for the grocers’ upstream suppliers, particularly smaller regional firms.

Why Have Uninsured Depositors Become De Facto Insured?

Due to a change in how the FDIC resolves failed banks, uninsured deposits have become de facto insured. Not only is this dangerous for risk in the banking system, it is not what Congress intends the FDIC to do, writes Michael Ohlrogge.

Merger Law Reaches Acquirer Incentives and Private Equity Strategies

Steven C. Salop argues that Section 7 of the Clayton Act prohibits mergers in which the acquiring firm’s unilateral incentives and business strategy are likely to lessen market competition.

Tim Wu Responds to Letter by Former Agency Chief Economists

Former special assistant to the president for technology and competition policy Tim Wu responds to the November 27 letter signed by former chief economists at the Federal Trade Commission and Justice Department Antitrust Division calling for a separation of the legal and economic analysis in the draft Merger Guidelines.

Can the Public Moderate Social Media?

ProMarket student editor Surya Gowda reviews the arguments made by Paul Gowder in his new book, The Networked Leviathan: For Democratic Platforms.