The prevalence of populism after the great recession

The current pervasiveness of populist expression is inherently related to the institutional bases regulating economic activity under neoliberalism and, by extension, the type of systemic breakdown it gave way to after 2008. For instance, the proliferation of asset-bubbles, while crucial to avert declining profitability dynamics, served as well to foster increasing levels of household indebtedness which, in turn, were crucial to maintain rising private consumption levels in the face of widespread wage stagnation. Once these various contradictory trends could no longer be jointly reproduced, it was the whole institutional edifice regulating economic activity that crumbled down, rather than just one of its single components. Such a type of systemic breakdown was conducive to populist expressions of protest in its aftermath.