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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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