Is right-wing populism set to retreat?

Populism is the politics of what is — or can be made — popular with the people. It surfaces in democracies from time to time; its latest iteration began rising after the 2008 financial crisis, which hit ordinary people hard. Whether of the left or the right, all populism targets ruling elites and identifies a major, almost unyielding, enemy of the people. On the face of it, both target capitalism. But for the left, the system itself is the problem; for the right, the problem lies with a self-serving, globalist business elite — the capitalists. The right also identifies a second enemy in the form of immigrants and other foreigners living in their midst. In power, populists of both stripes increase executive authority and frequently game the electoral system and institutional checks to stay in office.

Donald Trump’s rise in the 2010s gave right-wing populism a global boost. Because the U.S. is powerful and other democracies often follow its lead, his success lent this politics legitimacy elsewhere. He has also actively backed fellow populists, from the Bolsonaros in Brazil and Nayib Bukele in El Salvador to Viktor Orbán in Hungary, and got along well with the strongmen of Russia, China and Turkiye. If Mr. Trump weakens, political equations could change well beyond the U.S. That is why the question matters.