Populist regimes of any stripe are not judged kindly by history
Fiscal rehabilitation comes at great cost after skyrocketing inflation and currency collapse
For all the headlines about the rise in populism in recent times, the term remains hard to define. To start with, the policies of a populist political "left" will be different from a populist "right". Leftist populism would probably have lower-and middle-income voters standing against a wealthy, politically powerful and economically influential elite, akin to labour movements of the past. Rightist populism is more likely to see the same groups uniting against an elite accused of supporting outsiders — movements characterised by anti-immigrant and racially resentful politics. In both cases, the people most likely to vote for a populist party or candidate tend to be economically vulnerable. Populist "uprisings" are not uncommon. During the late 19th century, the farmers and labourers who constituted the People’s Party in the US united against capitalist interests. The party called for the nationalisation of infrastructure — notably the railways — and was critical of private banking. O...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.