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For me, the downside of populism is that the political insiders and wealthy elite just so happen to be the people who actually understand how economies and governments and international agreements work.

The common man may think he knows everything, but he really doesn't.

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That and the populist vote doesn't vote rationally. They vote emotionally. This puts you in a state where charismatic leaders will appeal to and exploit emotional triggers in people.

Historical evidence suggests that such leaders tend to move towards to political extremes.

Agreed, but whether or not they manipulate the economy to the benefit of the citizens is another story.

Right, they have no incentive other than to make themselves better off. And it shows[1].

[1] http://journals.cambridge.org/download.php?file=%2FPPS%2FPPS...

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