Populism’s Rise Reshapes Global Political Risk. YaleGlobal. Kingsley Chiedu Moghalu. April 20, 2017
“The rise of populism in the Western world redefines the notion of political risk and teaches that risk has no permanent address,” explains Kingsley Chiedu Moghalu, professor of international business and public policy at the Fletcher School at Tufts University and a former deputy governor of the Central Bank of Nigeria. “Political populism, characterized by a desire to assert domestic democratic sovereignty and rejection of the ‘cult of the expert,’ owes its rise to increasing rejection of the conventional wisdom by citizens who feel left behind by globalization trends.” The backlash was inevitable as inequality swelled and citizens worry about loss of national sovereignty or local control. As a force, populism can contribute to eliminating corruption or dictatorships, and should not be ignored. Moghalu also outlines the risks of rejecting expertise and data, with attempts to substitute facts with conviction as well as threats to impartial institutions designed to safeguard the integrity of democracy. Experts and data are crucial in a complex world that prospers from well-crafted public policies. Those who disagree should argue with analysis and useful and realistic proposals. [Note: contains copyrighted material].
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