Inflation of Populism: Effects of Early Economic Experiences on Support for Populist Parties

Abstract

Public support for populism shows significant generational differences that contemporaneous economic or cultural factors cannot fully explain. Adopting a political socialization perspective and analyzing data from European countries, I find that exposure to higher inflation during people's early adulthood correlates with greater later-life support for populist parties, especially those campaigning on generous welfare policies. Mechanism analyses show that this connection is partly explained by lower political trust, suggesting changes in perceptions of political authority during the high inflation period. These findings highlight the importance of early inflation experiences to individuals' contemporary political preferences and attitudes toward populist movements.