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  3. Journal of Economic Literature
  4. September 2022
  5. The Political Economy of Populism

Journal of Economic Literature

ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)

The Political Economy of Populism

  • Sergei Guriev
  • Elias Papaioannou
Journal of Economic Literature
vol. 60, no. 3, September 2022
(pp. 753–832)
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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.

Citation

Guriev, Sergei, and Elias Papaioannou. 2022. "The Political Economy of Populism." Journal of Economic Literature, 60 (3): 753–832. DOI: 10.1257/jel.20201595

Additional Materials

JEL Classification

  • D72 Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
  • E32 Business Fluctuations; Cycles
  • G01 Financial Crises
  • J15 Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
  • N30 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: General, International, or Comparative
  • N40 Economic History: Government, War, Law, International Relations, and Regulation: General, International, or Comparative
  • Z13 Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification