The New Populism

Much digital ink has been spilled on the rise of populist sentiment on the Right. From Trumpy candidates to local activists, there seems to be a growing mistrust of government and corporate power in the Republican party, Big Brother has a twin and he’s a woke investment banker or a CEO or tech bro. Unlike left-leaning populists, (for instance William Jennings Bryan) who fear corporate power and see government intervention as the solution, latter day Republicans who have discovered a mistrust of corporations face a dilemma. What is the remedy? Surely, empowering the CFPB or the Department of Labor or some other government agency will not do. Elevating one brother by backing the other does very little to reduce the perceived threat of concentrated power – meet the new boss, same as the old boss. One solution would be to privatize enforcement – use existing statutes or create new types of lawsuits that could be initiated by citizens rather than government enforcers. This has happened already to some degree – with lawsuits alleging that ESG investing violate securities laws and so forth. It’s anyone’s guess whether this strategy will grow or succeed, but policy makers and the business community would be well-advised to watch closely.