On Latin American Populism, and Its Echoes around the World
讨论民粹主义实验的历史演变，指出民粹领袖通过煽动性言论将民众利益与银行、跨国公司、移民对立，实施违反经济规律的再分配政策，多数实验经历五个阶段后以失败告终，且全球近期民粹表现与拉丁美洲传统民粹特征相似。
In this article, I discuss the ways in which populist experiments have evolved historically. Populists are charismatic leaders who use a fiery rhetoric to pitch the interests of “the people” against those of banks, large firms, multinational companies, the International Monetary Fund, 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 badly; 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.