The Populist Strategy: A Behavioral Economic Analysis Focused Upon the Case of Venezuela
The Populist Strategy: A Behavioral Economic Analysis Focused Upon the Case of Venezuela

Summary/Abstract: In this paper we propose an interpretation of populism as seen from the viewpoint of cognitive biases. Our argument is grounded on the idea that political disaffection and cognitive biases supported by a rhetoric that seeks to manipulate and lead citizens towards group polarization leads to populism. We initially present the common elements of populism and subsequently provide a view on two strategic objectives of populism in the 21st century. Then we argue that these two strategic objectives are closely related to disaffection and untruths. On this basis we consider how cognitive biases, as considered in behavioral economics, support populist strategies that consist of generating informational cascades and group polarization.

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