Financial crises have severe economic costs. This column shows that they also entail major political costs. It argues that the global financial crisis, and associated Great Recession, represents a watershed for populism in Europe, changing people's views and the rhetoric of all parties. The crisis brought economic insecurity to the middle classes, which had largely remained untouched by the globalisation and immigration shocks. Disillusionment with the status quo prompted parties to enter the political arena on populist platforms

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7 July 2022

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Vox EU

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https://new.cepr.org/voxeu/columns/financial-crises-drivers-populism-new-channel

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