Abstract

Populism is a trend that brings about nationalisms, political and economic fragmen-tation, cultural polarization, democratic backsliding, worse economic outcomes and inequality, and even civil conflict. I characterize populist policy making as constituted mainly by exclusionary commit-ments, becoming popular when inclusive welfare protection of losers in an open economy is perceived as unfeasible. The other features and consequences of populism follow from this. Exclusionary commitments range from closed borders and closed markets, cultural and economic policies against diversity and inclusion, reduction of civil liberties. Consequences of populism can be drawn at the national, subnational, and global level.