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3rd October 2023 (9 Topics)

The narrative of development and populism

Context:

The trade-offs between development and populism in election promises has implications and there is a need for balance.

Development vs. Populism in Elections

  • Election Promises: Politicians often prioritize development, especially visible infrastructure, as a key electoral promise to gain voter support.
  • Narrow Definition: Development is frequently limited to physical infrastructure, ignoring environmental consequences and fiscal implications.
  • Obsession's Dangers: Focusing solely on mega-infrastructure projects can lead to environmental disasters and long-term fiscal burdens, impacting future generations.

The Space for Populism

  • Populism Defined: Populism is characterized by claiming to represent "the people" against perceived enemies or elites, often with a disregard for restraints on political and economic policy.
  • Political and Economic Dimensions: Populism manifests politically through majority rule over minority rights and economically through resistance to policy restraints.
  • Balancing Act: Striking a balance between rules and discretion is essential to curtail economic populism while preventing the concentration of power.

Rethinking Economic Growth and Populism

  • Distribution Gap: Conventional growth models expected benefits to trickle down, but in reality, growth often leaves sections of the population as outliers.
  • Government-Led Redistribution: Economic populism becomes necessary to reduce outliers and distribute growth benefits more equitably.
  • Environmental Costs: Inappropriate infrastructure-led development imposes long-term environmental costs and constraints on future governments, contrasting with certain economic populism measures.
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