Since the end of World War II, we have mostly been living in the Age of Moderation—an epoch characterized by middle-of-the-road politics, in which a moderate Left and Right pursued partially overlapping policies. This long period configured our political compass toward compromise, but that compass now is swinging wildly, back and forth. The general consensus is that this loss of direction is due to the rise of populisms; a revolt against the elites in the name of the people.

There are two competing populisms, both of which condemn the prevailing neoliberal order. Right-wing populists claim they ventriloquize the concerns of a religious, moral, and hardworking but silent majority. They are perceived by the political center as the primitive ghosts from an unenlightened past. Left-wing populists demand more progressive welfare-oriented policies, total “equality” and an end to “repression” under the label of democratic socialism. The political center views left-wing populism as a mortal danger to the delicate mixed economy.