Beware of Post-pandemic Resurgence of Populism - The origin and evolution of populism

In the US, the emergence of the Tea Party in 2010 was followed by the “America First” slogan trumpeted by Donald Trump and his election as president in 2016. [...] The UK’s withdrawal from the European Union as decided by the Brexit referendum in 2016 and the China-US trade war from 2018 onwards are also the by-products of this background. [...] the 2009 Great Recession and Europe’s external crises in 2010), has also paved the way for the rise of populist leaders, much like the situation during the 1930s Great Depression. [...] Driven by the latest round of QE by central banks in response to the pandemic, the rising trend of income and wealth inequality after the global financial crisis is likely to be prolonged, pushing asset prices up to unprecedented levels. [...] As pointed out by Barro, Ursúa, and Weng (2020), the huge casualties in the 1918 influenza pandemic spurred the allies to impose the excessively-harsh Versailles Treaty on Germany, indirectly inducing the emergence of ultra-right-wing nationalism in Germany and sowing the seeds of the Second World War.