The political economy of populism

Guriev, S and Papaioannou, E (2022) The political economy of populism. Journal of Economic Literature, 60 (3). pp. 753-832. ISSN 0022-0515 OPEN ACCESS

Abstract

We synthesize the literature on the recent rise of populism. First, we discuss definitions and present descriptive evidence on the recent increase in support for populists. Second, we cover the historical evolution of populist regimes since the late nineteenth century. Third, we discuss the role of secular economic factors related to cross-border trade and automation. Fourth, we review studies on the role of the 2008–09 global financial crisis and subsequent austerity, connect them to historical work covering the Great Depression, and discuss likely mechanisms. Fifth, we discuss studies on identity politics, trust, and cultural backlash. Sixth, we discuss economic and cultural consequences of growth in immigration and the recent refugee crisis. We also discuss the gap between perceptions and reality regarding immigration. Seventh, we review studies on the impact of the internet and social media. Eighth, we discuss the literature on the implications of populism's recent rise. We conclude outlining avenues for further research.

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Item Type: Article
Subject Areas: Economics
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Date Deposited: 30 Sep 2022 15:58
Date of first compliant deposit: 26 Sep 2022
Subjects: Research methodology
Economic theory
Research papers
Last Modified: 21 Jun 2024 01:53
URI: https://lbsresearch.london.edu/id/eprint/2656
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