But what does that have to do with economics?

Populist politicians can sometimes implement or advocate fiscally redistributive economic policies. Think Hugo Chavez in Venezeula. Or the Five Star Movement in Italy, led by the comedian Beppe Grillo. Or the National Front in France, which proposes reducing VAT. Some elements of UKIP’s programme, such as reversing benefit cuts and increasing corporation tax, are often advocated by those on the left.

Alternatively, populists can govern in a regressive way, that does nothing to redistribute resources to the poor and in which the rich grow richer. Think Putin’s Russia, where the number of billionaires has doubled in a decade.