Populism's economic characteristics: A case study of the USA (2017-2021)

This study examines whether there are common economic characteristics shared by populists upon assuming power and investigates the impact of these policies on the economy. The research focuses on four key characteristics associated with populism: Protectionism and Globalization, The Economics of Migration, Macroeconomics, and The Democratic Status. The paper finds that populist leaders, especially right-wing populists, exhibit xenophobic rhetoric and pursue policies of economic and migratory nationalism and protectionism. Additionally, countries governed by populists tend to experience adverse economic outcomes, including declines in real GDP, high levels of debt, and erosion of democratic institutions such as an independent judiciary, quality of elections, and freedom of the press and media. A case study on Donald Trump's presidency reveals that his macroeconomic agenda closely aligns with typical populists and right-wing populists. His trade and migration policies reflect protectionism and prioritize domestic workers' concerns, while his behavior as president affected the democratic institutions of the United States. The research underscores the need for further comprehensive investigations into the economic implications of populism.