The Capitalist

The Capitalist, from CapX

The Capitalist: where economics meets politics. New episodes every Wednesday. briefing.capx.co

  1. Aug 13

    Richard Hanania: Can you trust a populist?

    Richard Hanania had a ringside seat for the rise of MAGA, as his Substack essays on anti-woke issues gained traction at the highest level of the new American Right. He had high hopes for Donald Trump’s second term, and coined the term ‘Tech Right’, hoping for an administration that worked productively alongside some of the smartest people in Silicon Valley. In practice, he says the second Trump presidency has proved ‘a nightmare scenario’. Hanania’s new book ‘Kakistocracy’ is an attempt to understand what went wrong – and the wider lessons as populism continues to gain ground around the world. He argues that populists, for all their promises of overthrowing corrupt elites, often end up replacing a flawed system with something far more damaging – ‘rule by the worst’. On this model, elites can be foolish and subject to groupthink, but they are held in check by a status game that rewards honesty and truth-seeking. Populists, by contrast, gain power from their unfiltered relationship with voters, which makes corruption and lies easier to get away with, and encourages zero-sum thinking. But what about the pro-market successes of a populist like Javier Milei? And what are the risks for the UK, where Reform UK have a real prospect of forming the next government? This week on The Capitalist, Hanania gives his take. He doesn’t rule out the prospect that a party like Reform could bring in radical reforms that are good for Britain. But it is a strategy with a big warning label: once these forces are loose, nobody controls where they end up. Get full access to The CapX Briefing at briefing.capx.co/subscribe

    Richard Hanania: Can you trust a populist?

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The Capitalist: where economics meets politics. New episodes every Wednesday. briefing.capx.co

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