The West’s embrace of economic populism is destined to end badly

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Raghuram G. Rajan, a former governor of the Reserve Bank of India, is professor of finance at the University of Chicago Booth School of Business and the author of The Third Pillar: How Markets and the State Leave the Community Behind. Even in the best of times, policy-makers find it difficult to explain complex issues to the public. But when they have the public’s trust, the ordinary citizen will say, “I know broadly what you are trying to do, so you don’t need to explain every last detail to me.” This was the case in many advanced economies before the...