03/15/2012 08:24 am ET

Simon Johnson: 'Populism And Irresponsibility Are Not, In Fact, Synonyms'

"Populism" is a loaded term in modern American politics. On the one hand, it conveys the idea that someone represents (or claims to represent) the broad mass of society against a privileged elite. This is a theme that plays well on the right as well as the left – although they sometimes have different ideas about who is in that troublesome "elite."

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