Inequality Aversion, Populism, and the Backlash against Globalization
构建了一个均衡模型，解释为何经济强劲时民粹主义会内生兴起：选民厌恶不平等，尤其是精英的高消费，经济增长因偏好异质性加剧不平等，选民因此选举承诺终结全球化的民粹主义者。
ABSTRACT Motivated by the recent rise of populism in Western democracies, we develop a tractable equilibrium model in which a populist backlash emerges endogenously in a strong economy. In the model, voters dislike inequality, especially the high consumption of “elites.” Economic growth exacerbates inequality due to heterogeneity in preferences , which leads to heterogeneity in returns on capital. In response to rising inequality, voters optimally elect a populist promising to end globalization. Equality is a luxury good. Countries with more inequality, higher financial development, and trade deficits are more vulnerable to populism, both in the model and in the data.