On Latin American Populism, And Its Echoes Around the World / Sebastian Edwards.

By:

Edwards, Sebastian

Contributor(s):

National Bureau of Economic Research

Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w26333.Publication details: Cambridge, Mass. National Bureau of Economic Research 2019.Description: 1 online resource: illustrations (black and white)Subject(s):

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Abstract: In this paper I discuss the ways in which populist experiments have evolved historically. Populists are charismatic leaders that use a fiery rhetoric to pitch the interests of "the people" against those of banks, large firms, multinational companies, the IMF, and immigrants. Populists implement redistributive policies that violate the basic laws of economics, and in particular budget constraints. Most populist experiments go through five distinct phases that span from euphoria to collapse. Historically, the vast majority of populist episodes end up with declines in national income. When everything is over, incomes of the poor and middle class tend to be lower than when the experiment was launched. I argue that many of the characteristics of traditional Latin American populism are present in more recent manifestations from around the globe.

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Previous	nber w26330 On Fintech and Financial Inclusion /	nber w26331 Are Small Farms Really more Productive than Large Farms? /	nber w26332 The Effects of Job Characteristics on Retirement /	nber w26333 On Latin American Populism, And Its Echoes Around the World /	nber w26334 Marriage, Children, and Labor Supply: Beliefs and Outcomes /	nber w26335 The Consumption Value of College /	nber w26336 Tax Policy and Lumpy Investment Behavior: Evidence from China's VAT Reform /	Next

October 2019.

In this paper I discuss the ways in which populist experiments have evolved historically. Populists are charismatic leaders that use a fiery rhetoric to pitch the interests of "the people" against those of banks, large firms, multinational companies, the IMF, and immigrants. Populists implement redistributive policies that violate the basic laws of economics, and in particular budget constraints. Most populist experiments go through five distinct phases that span from euphoria to collapse. Historically, the vast majority of populist episodes end up with declines in national income. When everything is over, incomes of the poor and middle class tend to be lower than when the experiment was launched. I argue that many of the characteristics of traditional Latin American populism are present in more recent manifestations from around the globe.