ABSTRACT

The primary political parties of all developed nations evolved during industrialization, when a conservative party defended tradition, capital, and wealth, hence Republican and Tory, from the predations of a liberal party, intent on distributing resources and opportunity more fairly, typically Democrat and Labour. During the 20th century, American and British populism complemented a Progressive and Fabian agenda with its realization in the welfare state. By 2021, populism was making substantial inroads into parties of the left and right as citizens of developed nations sought better remedies for problems that conventional polities struggled to address. In the US, the political economy fell under the management of elites from competing political parties: financiers, bankers, and corporate CEOs aligning with the Republican Party, social activists, union leaders, and minorities populating the Democratic Party.