Populism in less developed countries is somewhat different

The ill-defined term ‘populism’ is used in different senses not just by common people or the media, but even among social scientists. Economists usually interpret it as short-termism at the expense of the long-term health of the economy.

They usually refer to it in describing macro-economic profligacy, leading to galloping budget deficits in pandering to all kinds of pressure groups for larger government spending and to the consequent inflation — examples abound in the recent history of Latin America (currently in virulent display in Venezuela). Political scientists, on ...