The only policy that left- and right-wing populists can agree on to address economic decline is trade protectionism, which will make the world poorer. A new type of populism that puts more trust in local communities may well have a greater chance of success.
CHICAGO – The postwar economic success of liberal democracies was not simply the result of letting markets flourish. The United States and European countries also embedded markets in a structure that allowed people to take the fullest advantage of them. That structure is breaking down, energizing populist leaders of both the left and the right. While they pose the right questions, they rarely have the right answers. Perhaps, instead, they should make it easier for people to devise their own solutions.
CHICAGO – The postwar economic success of liberal democracies was not simply the result of letting markets flourish. The United States and European countries also embedded markets in a structure that allowed people to take the fullest advantage of them. That structure is breaking down, energizing populist leaders of both the left and the right. While they pose the right questions, they rarely have the right answers. Perhaps, instead, they should make it easier for people to devise their own solutions.