The Political Economy of Populism
Journal of Economic Literature
no. 3, September 2022
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.
Guriev, Sergei, and Elias Papaioannou.
"The Political Economy of Populism."
Journal of Economic Literature,
Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
Business Fluctuations; Cycles
Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: General, International, or Comparative
Economic History: Government, War, Law, International Relations, and Regulation: General, International, or Comparative
Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification