In this article, I discuss the ways in which populist experiments have evolved historically. Populists are charismatic leaders who use a fiery rhetoric to pitch the interests of "the people" against those of banks, large firms, multinational companies, the International Monetary Fund, and immigrants. Populists implement redistributive policies that violate the basic laws of economics, and in particular budget constraints. Most populist experiments go through five distinct phases that span from euphoria to collapse. Historically, the vast majority of populist episodes end up badly; incomes of the poor and middle class tend to be lower than when the experiment was launched. I argue that many of the characteristics of traditional Latin American populism are present in more recent manifestations from around the globe.

中文翻译：

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拉丁美洲民粹主义及其在世界范围内的回响

在本文中，我将讨论民粹主义实验在历史上的演变方式。民粹主义者是具有超凡魅力的领导人，他们用激烈的言论将“人民”的利益与银行，大公司，跨国公司，国际货币基金组织和移民的利益相提并论。民粹主义者实施的再分配政策违反了经济学的基本定律，尤其是预算约束。大多数民粹主义实验经历了从兴奋到崩溃的五个不同阶段。从历史上看，绝大多数民粹主义都是以糟糕的结局结束的。穷人和中产阶级的收入往往比实验启动时要低。我认为，拉丁美洲传统民粹主义的许多特征在全球范围内的最新表现中都呈现出来。