Who are the Real Top Dogs and the Real Underdogs?

Three predominant explanations have been offered for the success of Donald Trump: first, that increased Republican support was based on a backlash against Democratic centrists and “elites” who had abandoned the working class by advocating neoliberal economic policies; second, that Trump and his supporters used racism, sexism, xenophobia and other “dog whistles” to create a backlash among white voters; and third, that support for Trump was based on misinformation, conspiracy theories, and propaganda promoted by various media and online outlets. While all three interpretations reflect some degree of accuracy, the common threads are that Trump supporters are seen as victims or underdogs, struggling against powerful “top dogs” who pose an existential threat to their livelihoods, culture, and social standing. In this article, we first address this question of underdogs versus top dogs, using the framework presented by William Dugger and other institutionalist economics to describe the consequences of liberal capitalism. We then ask whether these categories of “elite” and “populist” are mutually exclusive and all inclusive. We conclude by offering some thoughts on whether use of this terminology has muddled the basic understanding of the economic transformation that the United States is experiencing at this present time.