Report2025-3

Populism and the Future of Transatlantic Relations: Challenges and Policy Options 

Please cite as:

Riddervold, Marianne; Rosén, Guri & Greenberg, Jessica R. (2026). Populism and the Future of Transatlantic Relations: Challenges and Policy Options. European Center for Populism Studies (ECPS). January 20, 2026. https://doi.org/10.55271/rp00140

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“Populism and the Future of Transatlantic Relations: Challenges and Policy Options” is a comprehensive ECPS report examining how the resurgence of right-wing populism—most notably under Donald Trump’s second presidency—reshapes the foundations of EU–US relations. Bringing together leading scholars, the report analyses the erosion of trust and shared norms across four pillars of the Atlantic order: security, trade, international institutions, and democratic values. It shows how domestic polarisation and illiberal trends now pose deeper, longer-term challenges than traditional diplomatic disputes. Combining theoretical insight with concrete policy recommendations, the volume outlines how the European Union can adapt strategically to a more volatile partner while defending multilateralism, democratic principles, and European strategic autonomy. An essential resource for scholars, policymakers, and practitioners navigating a changing transatlantic landscape.

The report offers a timely and comprehensive examination of how contemporary populism is reshaping one of the most consequential relationships in global politics. Published by the European Center for Populism Studies (ECPS), it brings together leading scholars from both sides of the Atlantic to assess the structural impact of right-wing populism—most visibly under Donald Trump’s second presidency—on EU–US relations.

In this project, ECPS collaborates with the ARENA at the University of Oslo, the European Union Center at the University of Illinois Urbana-Champaign, IES at the University of California, Berkeley, and CES at the University of North Carolina, Chapel Hill. The report is partially funded by the Jean Monnet-TANDEM and Transat-Defence Projects.

Moving beyond episodic diplomatic disputes, the report advances a central argument: the most serious long-term threat to transatlantic cooperation today stems from domestic political transformations. Rising polarisation, illiberal democratic practices, and populist challenges to multilateralism on both sides of the Atlantic increasingly undermine the shared norms and institutional foundations that have sustained the postwar Atlantic order. In this context, transatlantic relations are no longer strained merely by diverging interests, but by a growing clash over values, rules, and the meaning of democracy itself.

Analytically, the report is anchored in a four-pillar framework—security, trade, international institutions, and democratic values—derived from the liberal foundations of the Atlantic political order. Each section combines historical perspective with forward-looking analysis, examining how populist governance affects NATO and European security, rules-based trade and the WTO, multilateral institutions such as the UN and WHO, and the liberal-democratic norms that once underpinned mutual trust. Across these domains, contributors identify patterns of erosion, adaptation, and selective cooperation, highlighting a shift toward a more transactional, fragmented, and unstable relationship. Overall, the EU–US relationship is entering a phase best described as “muddling through”: selective cooperation where interests align, paired with growing divergence elsewhere.

While acknowledging areas of continued collaboration, the authors emphasise that any future stability will depend less on restoring past arrangements than on Europe’s capacity to adapt strategically without abandoning its commitment to multilateralism, democracy, and the rule of law.

The report concludes with detailed, policy-oriented recommendations aimed at EU institutions and member states. These include strengthening European strategic autonomy, reinforcing democratic resilience, investing in defence and industrial capacity, and building new coalitions to sustain global governance in an era of populist disruption. As such, the volume serves not only as an analytical diagnosis of a transatlantic relationship at a crossroads, but also as a practical guide for navigating an increasingly contested international order.

Please see the Introduction, 17 chapters, and Conclusion of the report presented separately below.

Introduction

By Marianne Riddervold, Guri Rosén & Jessica Greenberg


SECTION 1: SECURITY

Chapter 1: Overview and Background: Right-wing Nationalism, Trump and the Future of US-European Relations

By Riccardo Alcaro

 

Chapter 2: Functional Adaptation without much Love: NATO and the Strains of EU–US Relations

By Monika Sus

 

Chapter 3: EU-US-China Security Relations

By Reuben Wong

 

Chapter 4: The Russia-Ukraine War and Transatlantic Relations

By Jost-Henrik Morgenstern-Pomorski & Karolina Pomorska

 

SECTION 2: TRADE

Chapter 5: Overview and background: Transatlantic Trade from Embedded Liberalism to Competitive Strategic Autonomy

By Erik Jones

 

Chapter 6: EU-US-China Trade Relations

By Arlo Poletti

 

Chapter 7: From Trade Skirmishes to Trade War? Transatlantic Trade Relations during the Second Trump Administration

By Alasdair Young

 

Chapter 8: Transatlantic Trade, the Trump Disruption and the World Trade Organization

By Kent Jones

 

SECTION 3: INTERNATIONAL INSTITUTIONS

Chapter 9: Overview and Background: International Institutions, Populism and Transatlantic Relations

By Mike Smith

 

Chapter 10: The United Nations in the Age of American Transactionalism

By Edith Drieskens

 

Chapter 11: The Trump Administration and Climate Policy: The Effects of Right-wing Populism

By Daniel Fiorino

 

Chapter 12: Turbulence in the World Health Organization: Implications for EU-United States Cooperation during a Changing International Order

By Frode Veggeland

 

SECTION 4: DEMOCRATIC VALUES

Chapter 13: Overview and background: Democracy and Populism — The European Case

By Douglas Holmes

 

Chapter 14: Illiberalism and Democracy: The Populist Challenge to Transatlantic Relations

By Saul Newman

 

Chapter 15: The Illiberal Bargain on Migration

By Ruben Andersson

Chapter 16: Illiberal international: The Transatlantic Right’s Challenge to Democracy

By Robert Benson

 

Chapter 17: Vulnerable Groups, Protections and Precarity

By Albena Azmanova

 

Conclusion: How Should the EU Deal with Changing Transatlantic Relations?

By Marianne Riddervold, Guri Rosén & Jessica Greenberg

 

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UNTOLD Europe Workshop

UNTOLD Europe Workshop – Case Study Session Report

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The interactive case study session of the UNTOLD Europe Workshop (Brussels, 21 October 2025) translated critical discussions on colonial legacies, migration narratives, gender, and human rights into comparative policy analysis. Participants worked in four groups examining labour migration to Greece, the EU Migration Pact, the EU–Tunisia Memorandum, and Spain–Morocco circular migration schemes. Across cases, recurring patterns emerged: securitization over protection, racialized labour hierarchies, gendered recruitment structures, and externalisation practices rooted in asymmetrical power relations. By combining structural analysis with creative reframing, the session encouraged participants to challenge dominant narratives and articulate rights-based alternatives. The findings underscore how colonial continuities remain embedded in contemporary migration governance—and highlight the need for dignity-centred, inclusive policy approaches across the Euro-Mediterranean space.

 

Case Study Session Overview

The case study session, held during the UNTOLD Europe Workshop on Migration Narratives on 21 October 2025 in Brussels, constituted a central interactive component of the workshop and was designed to translate the workshop’s conceptual discussions on colonial legacies, migration narratives, gender, and human rights into concrete and comparative analysis.

Participants were divided into four small working groups of 5-person, each focusing on a distinct case reflecting contemporary forms of migration governance and externalisation in the Euro-Mediterranean context. The session combined collective analysis, critical reflection, and creative reframing, encouraging participants to interrogate how historical power asymmetries and colonial continuities remain embedded in current migration frameworks.

Objectives of the Case Study Session

The case study session pursued three interrelated objectives:
– To analyse how colonial legacies, racialised hierarchies, and unequal power relations shape present-day migration policies and narratives;
– To examine the implications of these frameworks for labour rights, gender equality, and human rights;
– To encourage participants to reframe dominant migration narratives and develop alternative, rights-based perspectives.

Structure and Methodology

The session was conducted in two stages. In the first stage, groups familiarised themselves with their assigned case and identified key narrative frames, policy mechanisms, and governance logics. In the second stage, groups shifted from analysis to reflection and creative reframing. Each group concluded by formulating key observations and insights, which were later shared in the closing plenary.

Case Study Groups and Thematic Focus

Group 1: Labour Migration from Egypt and Bangladesh to Greece

This group examined labour migration pathways from Egypt and Bangladesh to Greece, focusing on temporary and irregular labour regimes in sectors such as agriculture and construction. Discussions highlighted how colonial and postcolonial labour hierarchies shape recruitment practices, legal precarity, and working conditions. Particular attention was paid to racialisation, the commodification of migrant labour, and limited access to rights and legal protection.

Group 2: The EU Migration Pact

This group analysed the EU Migration Pact as a framework reshaping migration governance across the European Union. Discussions focused on securitisation, border procedures, and differentiated treatment of migrants, as well as the broader narrative implications of managing migration primarily through control-oriented approaches.

Group 3: The EU–Tunisia Memorandum of Understanding

This group explored the EU–Tunisia Memorandum of Understanding as an example of migration externalisation. The analysis centred on asymmetrical power relations, the delegation of border management, and the implications for accountability and human rights protection.

Group 4: Spain–Morocco Circular Migration

This group focused on Spain–Morocco circular migration schemes, particularly in seasonal agricultural labour. Discussions examined how controlled mobility regimes reproduce colonial patterns of labour extraction, gendered recruitment, and structural dependency.

Conclusion

Across all four case studies, participants identified recurring themes, including the persistence of colonial and racialised hierarchies, the prioritisation of labour and security concerns over rights, and the gendered dimensions of migration governance. The session enabled participants to connect theoretical discussions with concrete cases and to reflect collectively on alternative narratives grounded in dignity and inclusion.

The case study session underscored the value of participatory and comparative analysis in understanding contemporary migration dynamics. By engaging with diverse cases, participants contributed to a shared reflection on how migration narratives can be critically examined and reimagined beyond colonial continuities.

 

 

Untold Europe

Towards Coherent and Human Rights-Based Migration Governance in Europe: Addressing Structural Imbalances in the Light of Colonial Narratives on Migration in Europe

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This policy paper, developed from the Untold Europe workshop (Brussels, 21 October 2025), examines structural imbalances in European migration governance across three domains: circular labour migration, external migration cooperation, and internal EU asylum systems. While each field operates within distinct legal frameworks, comparative analysis reveals a recurring tension between control-oriented management tools and the consistent safeguarding of rights. From employer-dependent seasonal labour schemes to accountability gaps in external partnerships and uneven asylum protection standards within the EU, the findings highlight the need for stronger monitoring, legal clarity, and enforceable safeguards. The paper argues that sustainable migration governance requires integrating mobility management with equal treatment, transparency, and human rights-based benchmarks—ensuring coherence, credibility, and long-term legitimacy across EU migration policies.

 

Executive Summary

This policy paper synthesises findings from three thematic case studies examined during the Untold Europe workshop in Brussels on 21 October 2025. Each case examined a different layer of European migration governance: circular labour migration, external migration cooperation, and internal asylum governance. Through comparative analysis, the workshop identified recurring structural patterns in how mobility is managed, how responsibilities are distributed, and how protection standards are implemented.

While each policy field has its own legal and institutional logic, the cases revealed common tensions between management objectives and rights safeguards. This paper consolidates those findings into a coherent policy analysis aimed at supporting more balanced, sustainable, and legally consistent migration governance within and beyond the European Union.

Case Study 1 – Circular Labour Migration and Agricultural Work

The first case study focused on circular migration schemes in the agricultural sector, discussed during the workshop as an example of labour mobility designed to address seasonal workforce shortages. Participants examined how such programmes operate in practice, particularly in Southern Europe, and how recruitment, residence status, and working conditions are structured. The discussion highlighted that while these schemes offer employment opportunities and address labour market needs, they frequently rely on highly temporary statuses and employer-dependent residence arrangements.

Workshop participants concluded that this structural design could limit workers’ bargaining power, restrict mobility between employers, and create differentiated access to social and labour rights. The case demonstrated how labour migration governance can unintentionally contribute to segmented labour markets if mobility, equal treatment, and access to remedies are not adequately safeguarded. These findings informed the broader policy recommendation that labour migration frameworks should integrate stronger rights protections alongside economic objectives.

Case Study 2 – External Migration Cooperation and Responsibility Distribution

The second case study addressed EU cooperation with third countries on migration management, examined through the lens of recent partnership frameworks discussed at the workshop. Participants analysed how operational responsibilities related to border control and containment are shared between the EU and partner countries. The discussion focused on governance capacity, accountability mechanisms, and the alignment between financial support and protection standards.

The workshop concluded that external cooperation could contribute to migration management objectives but also creates potential responsibility gaps where monitoring, legal safeguards, and access to remedies are limited. Participants emphasised that policy effectiveness depends not only on reducing movements but also on ensuring that protection outcomes are verifiable and consistent with international and EU legal standards. These conclusions shaped the recommendation that external partnerships should be systematically linked to transparency, independent monitoring, and rights-based benchmarks.

Case Study 3 – Internal EU Asylum Governance and Solidarity Mechanisms

The third case study examined recent developments in EU asylum governance, with particular attention to solidarity mechanisms, procedural harmonisation, and the treatment of vulnerable applicants. Workshop participants explored how reforms aim to improve system functionality and coordination among Member States while managing pressures on national systems.

Discussions highlighted that while solidarity tools are intended to distribute responsibilities more evenly, protection standards and reception conditions remain unevenly implemented across the Union. Participants noted that procedural obligations for asylum seekers are increasingly detailed, whereas enforcement of Member State compliance with protection standards can be inconsistent. The workshop, therefore, concluded that solidarity and system functionality must be closely linked to enforceable protection guarantees to ensure long-term system credibility and legal coherence.

Integrated Analysis

Across the three cases, the workshop identified a shared governance pattern: migration is frequently addressed through instruments designed to manage distribution, containment, and procedural compliance. By contrast, mechanisms ensuring participation, equal treatment, and consistent protection standards often develop more slowly or unevenly.

The comparative discussion showed that these dynamics are not confined to one policy field but arise across labour migration, external cooperation, and asylum governance. This insight underpins the paper’s central argument: strengthening accountability, legal clarity, and rights consistency across all migration governance domains is essential for effective and sustainable policy.

Policy Directions

Building on the workshop conclusions, the paper proposes policy directions aimed at better aligning management tools with protection standards. Strengthened monitoring and accountability mechanisms, clearer procedural standards, and improved access to remedies are key elements across all governance areas.

In labour migration, ensuring mobility rights and equal treatment would support fair labour market outcomes. In external cooperation, linking funding and partnerships to verifiable protection benchmarks would reduce legal and reputational risks. Within the EU, solidarity mechanisms should be directly tied to minimum protection standards to ensure that responsibility-sharing also guarantees rights consistency.

The workshop-based comparative approach demonstrates that structural imbalances between control-oriented measures and protection safeguards can emerge across different migration governance fields. Addressing these imbalances does not require abandoning management objectives but integrating them more closely with legal certainty, accountability, and protection standards.

A more coherent and rights-consistent migration governance framework would strengthen the EU’s capacity to manage migration sustainably and credibly while upholding its legal and normative commitments.

 

Photo: Dreamstime.

To Where? On Language, Identity, Belonging, and the Cost of Silence

In this reflective essay, 15-year old Sojoud Al-Hjouj interrogates the intimate relationship between language, identity, and authenticity in contemporary life. Framed through the evocative figure of the “Ajji”—the individual orphaned from their mother tongue—the piece argues that abandoning one’s native language entails a deeper estrangement from the self. Moving between personal memory, cultural critique, and existential inquiry, Al-Hjouj shows how performative speech, social expectation, and fear of misunderstanding erode sincerity and belonging. Language, she contends, is not merely a communicative tool but the homeland of the soul, the medium through which memory, emotion, and identity are formed. Loyalty to language thus emerges as an existential act: a form of resistance, self-recognition, and true civilization.

By Sojoud Al-Hjouj

Speaking of one’s identity has become everyone’s business. Consequently, the intellectual and the eloquent no longer dare to oppose others’ opinions—not for a lack of argument, but because their tongues itch with truth. So, we let them speak like a burning fire that craves more wood to blaze higher.

As one philosopher once said: “Man was created with two eyes and one tongue.” One must realize that what the first eye might miss, the second will surely notice in the words we utter.

By nature, humans love to speak and learn, like a child learning the alphabet. However, one often stops at the boundaries of their own language, which separates them from the world—and other languages they must discover. Here, the story begins.

It is a story unlike any other; it is a reality we live and evolve through. But why? Humans have started expressing their feelings in a language that consumes their very thoughts and emotions. It does not allow them to honestly convey what burns in their hearts or what occupies their minds. They live beautiful moments under a self-invented illusion: “We are ashamed of our feelings.”

When will man realize, in this vanishing world, that his life will not happen twice? When will he realize that loved ones are like drifting dust, lost at any moment without permission?

But most importantly: Why? Why doesn’t man use the language he was raised with, the one he mastered since childhood? Instead, he abandons it, deceiving himself into becoming an “Ajji” (a person orphaned from their mother tongue) in this life.

We live in a world that values appearance over essence and the surface over the depth. Thus, many choose to hide their true voices behind carefully filtered words, as if truth itself has become a danger, and sincerity a rare currency. Man fears showing weakness or love, dreading being misunderstood, forgetting that language is the bridge between his heart and the world. To abandon it is to abandon oneself.

In the silence of the night, when one sits with themselves, they remember the first word they spoke, the first letter they drew, the first story they heard from their mother. The image of their inner child appears, fascinated by the alphabet, with boundless curiosity, without fear or shame. This child is the essence of freedom and the core of belonging to a language that both protects and reveals. If this child loses their language, they lose the deepest part of who they are.

How often do we see people choosing a language their hearts do not understand? A language that pleases others but suffocates their souls? How often do they laugh while their hearts weep? This is the tragedy of the modern human: to be a stranger in their own language and an alien to their own feelings.

Language is the homeland of the soul; it is where memories are stored and identities are built. Whoever leaves their language leaves their internal home and becomes homeless. Each forgotten word and each suppressed feeling is a step toward loss.

The concept of the “Ajji” here is not just a poetic image; it is a reality. If language is the mother, then abandoning it leaves one as an “Ajji”—orphaned and vulnerable before the noise of the world. Anyone who does not realize this will never know the meaning of loyalty or what it means to be true to oneself and others.

In every moment, we face choices: Do we speak what we feel or what people expect? Do we write what reflects our essence or what pleases those around us? This constant struggle is what makes life real, but also what makes it bitter. Silence is sometimes more dangerous than speech, for speech at least proves your existence.

Loyalty to language, identity, and true feelings is an existential necessity. Your language is the first mirror in which you see your true self. To ignore it is to lose the most profound thing you own.

And here, we return to the story: a reality lived moment by moment. The story that doesn’t repeat, made of our words, hearts, and minds. It makes us faithful to the child we were—to the “Ajji” within us who still seeks his mother’s embrace, his internal home, and his true self.

Woe to the man who abandons his language to please another. True civilization is to stay faithful to one’s roots, for if the language withers, the soul follows. This is true loyalty.


 

Sojoud Al-Hjouj is an award-winning young writer and thinker from Jordan, recognized as a “World Youth Essay Ambassador. She possesses a literary voice that blends philosophical depth with social critique. Her work focuses on themes of identity, the sanctity of the mother tongue, and the emotional challenges of the digital age and she is 15 years old.

Dr. Hugo Ferrinho Lopes is an invited assistant professor at EEG-UMinho and Iscte-IUL, and an associate researcher at ICS-ULisbon.

Dr. Lopes: Ventura Mobilized ‘Latent Populists,’ but Authoritarian Appeals in Portugal Have Limits

André Ventura’s qualification for the presidential runoff marks a critical moment in Portuguese politics, long viewed as resistant to far-right breakthroughs. In this interview with the ECPS, Dr. Hugo Ferrinho Lopes (EEG-UMinho & Iscte-IUL; ICS-ULisbon) argues that Ventura’s advance is “less a sudden presidential earthquake than a clear manifestation” of an ongoing party-system shift—deepened by fragmentation on the mainstream right and declining abstention. Dr. Lopes explains how Chega mobilized “latent populists” once a viable radical-right option emerged, while also stressing the limits of authoritarian and nativist appeals in a second-round contest that requires broader legitimacy. The result, he suggests, is a normalized but still constrained radical right: agenda-setting and organizationally consolidated, yet facing ceilings shaped by elite incentives, affective polarization, and presidential norms of moderation.

Interview by Selcuk Gultasli

The qualification of André Ventura, leader of the populist radical right party Chega, for the presidential runoff marks a watershed moment in contemporary Portuguese politics. Long regarded as an exception within Southern Europe for its resistance to far-right breakthroughs, Portugal now finds itself grappling with a transformed party system, declining abstention, and the normalization of a radical right actor at the highest symbolic level of the state. In this wide-ranging interview with the European Center for Populism Studies (ECPS), Dr. Hugo Ferrinho Lopes, an invited assistant professor at EEG-UMinho and Iscte-IUL, and an associate researcher at ICS-ULisbon, offers a nuanced and empirically grounded analysis of what Ventura’s rise does—and does not—signify for the future of Portuguese democracy. 

At the core of Dr. Lopes’s argument is a rejection of the idea that Ventura’s presidential advance represents a sudden rupture. Instead, he situates it within a longer trajectory of party-system transformation. As he notes, Ventura’s runoff presence is “less a sudden presidential earthquake than a clear manifestation of a party-system shift that has already been underway,” one that began with Chega’s parliamentary breakthrough and was accelerated by fragmentation on the mainstream right. In Sartorian terms, Portugal is experiencing increasing ideological distance and fragmentation, dynamics that presidential elections—through personalization and strategic voting—tend to amplify.

A central theme running through the interview is the role of political supply. Dr. Lopes emphasizes that Chega did not emerge because Portuguese voters suddenly radicalized, but because a long-standing gap on the cultural and conservative dimension of party competition was left unfilled. This allowed Ventura, an experienced political communicator with extensive media exposure, to capture what Dr. Lopes describes as “latent populists who were activated once a viable alternative became available.” Importantly, this mobilization was facilitated by institutional conditions—such as a lower effective electoral threshold in 2019—and by Chega’s rapid transition from entrepreneurial project to organizationally consolidated party.

Yet the interview also highlights the limits of Ventura’s appeal. Despite declining abstention disproportionately benefiting Chega, Dr. Lopes stresses that Ventura’s electorate remains strikingly stable rather than expansive. “Ventura is competing against himself,” he observes, as voters from eliminated candidates increasingly coalesce behind his opponent in the runoff. This pattern reflects what he characterizes as a de facto cordon sanitaire driven less by formal elite coordination than by affective polarization and voter hostility toward the far right.

Perhaps most importantly, Dr. Lopes cautions against overestimating the governing potential of authoritarian rhetoric in Portugal. While Chega has successfully imposed issues such as immigration and security on the national agenda, “relying solely on authoritarian and nativist appeals is insufficient” in a second-round presidential contest that demands broader democratic legitimacy. The interview thus paints a picture of a radical right that is normalized, agenda-setting, and organizationally entrenched—but still constrained by institutional structures, elite incentives, and the enduring appeal of moderation in Portuguese presidential politics.

Together, these insights offer a sober prognosis: Chega has reshaped the political landscape, but its path toward governing viability remains uncertain, contested, and far from inevitable.

Here is the edited version of our interview with Assistant Professor Hugo Ferrinho Lopes, revised slightly to improve clarity and flow.

Ventura’s Runoff Is No Shock—It’s the Symptom of a Shifting Party System

André Ventura of the Chega party speaking during the plenary session of the Portuguese Parliament debating the government’s motion of confidence, March 11, 2025.

Dr. Hugo Ferrinho Lopes, thank you very much for joining our interview series. Let me start right away with the first question: Ventura’s qualification for the presidential runoff marks an unprecedented moment for the Portuguese far right. How should we interpret his first-round performance in relation to the 2024 snap elections? Should it be understood as a continuation of party-system transformation toward polarized pluralism, or as a distinct presidential dynamic reshaping existing voter coalitions?

Dr. Hugo Ferrinho Lopes: Thank you very much for having me. I would argue that this development largely reflects the ongoing transformation of Portugal’s party system. Ventura’s presence in the runoff is less a sudden presidential earthquake than a clear manifestation of a party-system shift that has already been underway.

What I mean is that, one year earlier, in the general parliamentary elections, Chega’s legislative breakthrough signaled a departure from the traditional two-party system. In the first round of the 2026 presidential election, this shift was further reinforced by a coordination problem on the mainstream right. We witnessed several viable center-right and right-wing candidates competing simultaneously, which fragmented the vote and lowered the threshold for Chega to secure second place—an outcome that Ventura ultimately achieved.

In Sartorian terms, the longer-term trend in Portugal points to increasing fragmentation and growing ideological distance among the main parties and candidates. The distinct dynamics of presidential elections—shaped by personalization and strategic voting—are likely to accelerate a transformation that is already well underway in the Portuguese political system.

Why Declining Abstention Worked in Ventura’s Favor

The decline of abstention has been one of the most striking features of recent Portuguese elections. To what extent does the 2026 first round confirm your earlier finding that increases in turnout disproportionately benefit Chega, and what does this suggest about the political activation of previously disengaged voters?

Dr. Hugo Ferrinho Lopes: There are two main points I would like to emphasize here. First, the incumbent president, Marcelo Rebelo de Sousa, is constitutionally barred from running for a third term. In Portugal, when presidential elections take place without an incumbent seeking re-election, turnout tends to increase and abstention tends to decline, because the perceived odds of victory for competing candidates are higher. Historically, all Portuguese presidents who have run for a second term have been re-elected. From this perspective, it was expected that abstention would decrease in this election, at least in the first round.

Second, and more importantly, we know that turnout is closely related to voting for the far right in Portugal. In this election in particular, voting-intention data from public opinion polls show that Ventura had the most stable base of support. This means that he retained the largest share of voters who had previously voted for Chega in the legislative elections, compared to any other candidate.

By contrast, António José Seguro, who also advanced to the runoff, was less stable among socialist voters. Similarly, Luís Marques Mendes —supported and endorsed by the center-right PSD and CDS, the governing coalition—lost a significant number of votes from his party to other right-wing candidates.

As a result, we observed a first round in which Ventura amassed the largest number of votes from his own party relative to any other candidate. Other contenders not only needed to mobilize their core constituencies but also attempted to attract voters from different ideological camps. This proved far more difficult for them, and this dynamic is closely related to patterns of abstention.

Issue Ownership Opened the Door for Chega

Sign of the right-wing conservative political party Chega, led by André Ventura, in Faro, Portugal, March 16, 2023. Photo: Dreamstime.

In your work on the 2024 elections, you emphasize the “supply side” of party competition. Which supply-side factors—party fragmentation, leadership credibility, agenda ownership, or organizational reach—were most decisive in enabling Ventura’s advance to the runoff?

Dr. Hugo Ferrinho Lopes: That is a very interesting question. The first factor I would highlight is issue ownership. Applying a supply–demand logic to politics, Portugal experienced, for more than four decades, what is often described as “Portuguese exceptionalism” toward the far right: unlike in many other countries, the far right was unable to break through to Parliament. However, this situation left an opening on the supply side of party competition—particularly in the cultural and conservative dimension—for a new challenger party on the right to emerge.

For example, while the radical left in Portugal has been strong in Parliament for decades and has enjoyed stable representation—indeed, more than one radical left party has been represented—no radical right party managed to enter Parliament until 2019, with the emergence of André Ventura and Chega. Why did this happen?

First, it was due to this long-standing breach on the supply side of party competition. Second, it was related to leadership. André Ventura is an experienced politician who came from the PSD. He left the party following an internal split and benefited from extensive media coverage. Prior to founding Chega, he was a football commentator, which gave him a level of public visibility that previous far-right candidates had lacked.

There is also an additional institutional explanation. In the 2019 elections, the effective threshold of the electoral system was lower, making it easier for parties to enter Parliament with fewer votes than in previous elections. A recent example is LIVRE—a left libertarian party—which failed to enter Parliament in 2015 but secured one MP in 2019. Chega and the Liberal Initiative on the right similarly entered Parliament in 2019 with fewer votes than would have been required in earlier elections.

Once inside Parliament, the media coverage Ventura received and the institutional space to disseminate his message made further growth much easier in the years that followed.

The De Facto Cordon Sanitaire Around Chega

Election night event of the Democratic Alliance (AD)—a coalition of the Social Democratic Party (PSD) and the CDS–People’s Party—held at the Epic Sana Marquês Hotel, Lisbon, Portugal, on 18 May 2025. Photo: Ricardo Rocha.

Portugal’s presidential elections traditionally reward moderation and cross-party appeal. Does Ventura’s strong showing indicate a weakening of this logic, or has Chega successfully adapted its populist appeal to the presidential arena without fundamentally expanding its social base?

Dr. Hugo Ferrinho Lopes: Ventura’s presidential campaign is, in many ways, a continuation of the strategy he pursued in the parliamentary elections one year earlier. That said, presidential elections in Portugal have historically favored moderation and centrist candidates, and this pattern was still visible in the first round. If we look at the vote shares, candidates occupying moderate ideological positions collectively garnered far more support than Ventura. We are seeing a similar dynamic unfold in the runoff campaign.

Although we have only limited data so far, as the second-round campaign has just begun, most supporters of the eliminated candidates indicate that they are inclined to vote for Seguro rather than Ventura in the runoff. This reinforces my earlier point: Ventura’s support base is remarkably stable, with only marginal expansion beyond his core voters, while supporters of other candidates tend to coalesce around the alternative contender.

What does this imply? Essentially, Ventura is competing against himself, attempting to marginally expand his vote share, while all other candidates—now consolidated behind Seguro, who placed first in the opening round—are effectively competing against Ventura. In this sense, it becomes a contest of Ventura versus everyone else. This pattern aligns with findings in the literature on affective polarization, which show that the far right tends to be the primary target of hostility and negative affect, often to a greater extent than the hostility expressed by right-wing voters toward other parties. In practice, this amounts to a de facto cordon sanitaire around Chega in the second round.

Grievance, Not Poverty, Fuels Chega’s Regional Strength

Chega has performed particularly well in regions historically dominated by the center-right and, in some cases, the left. How do you assess the role of territorial grievance, regional economic restructuring, and perceived political neglect in shaping Ventura’s first-round electoral geography?

Dr. Hugo Ferrinho Lopes: That’s a very good question. Ventura’s electoral geography fits a broader European pattern. Places that feel bypassed by economic growth and unheard by the political center—namely Lisbon—tend to become more receptive to anti-establishment political entrepreneurs. Recent work on Portugal, for example a study by João Cancela and Pedro Magalhães links radical right support in these regions—often rural and formerly left-wing, even communist, strongholds—to perceived political neglect and broader economic transformations, rather than to a simple story of poverty.

What this suggests is that the key mechanism is often mediated: grievance, distrust, and resentment create openness to punitive, nativist, and anti-elite messaging, rather than voting behavior being driven solely by material hardship. In southern Portugal and in rural areas more broadly, voters are therefore more likely to support the radical right because they feel politically neglected and marginalized by decision-makers.

The Youth Gender Gap and Chega’s Electoral Future

Post-2024 analyses highlighted Chega’s disproportionate support among young, less-educated men and the emergence of a “modern gender gap.” How does the 2026 first-round vote confirm or complicate this sociological profile, and what does it imply for long-term ideological realignment?

Dr. Hugo Ferrinho Lopes: At this stage, we have very limited data from the first round, so any assessment must remain tentative. More robust evidence will emerge in the coming months. That said, existing data for Portugal point to a pronounced youth gender gap in far-right support, with young men far more likely than young women to back far-right parties—Chega in particular. This pattern is also consistent with trends observed across other European and Western democracies.

If this profile is reproduced in the second round of the 2026 presidential elections, it would suggest the presence of a pipeline for long-term ideological realignment. If, however, the pattern softens, it would indicate that Ventura’s presidential surge reflects coalition broadening rather than cohort deepening. Ultimately, more data will be needed to assess this dynamic conclusively.

Is Chega Still Expanding—or Hitting Its Limits?

Guarda, Portugal — June 12, 2018: The ancient Jewish quarter (Judiaria) of Guarda, Portugal, where residents live amid streets that retain much of their 14th-century character. Photo: Dreamstime.

Your research on party membership switching suggests that Chega mobilized “latent populists” rather than converting ideologically moderate voters. Does Ventura’s presidential performance suggest that this reservoir of latent support is still expanding, or are we approaching a ceiling effect?

Dr. Hugo Ferrinho Lopes: We may be approaching a ceiling effect, but it is still too early to tell. What we know so far relates to the supply-side dynamics I mentioned earlier. Many party members who were previously housed in other parties switched to Chega once a viable radical-right alternative became available. These were politically interested citizens who had already chosen to participate in politics through the options available to them at the time. When this new option emerged and became electorally viable—which is crucial—they felt able to switch to it.

That said, we do not yet know whether a ceiling effect has been reached, because this would require observing at least one election in which Chega or Ventura stops growing. At this stage, we cannot determine whether citizens’ preferences are stabilizing or continuing to shift over time.

What we do know, however, is that the far right has been increasingly successful in imposing its agenda on the media and on other political parties. These actors are now responding to the incentives set by the far right by prioritizing issues such as security and immigration. Immigration is a good example. For decades, Portugal stood out as one of—perhaps even the—European countries where the salience of immigration was lowest. In the standard Eurobarometer question asking citizens to name the three most important issues facing their country, immigration was frequently mentioned in most European democracies, but far less so in Portugal.

Although immigration remains less salient in Portugal than in many other countries, its importance has increased significantly over the past two years. This signals that Ventura and Chega have been able to place this issue firmly on the political agenda. We have also seen other parties responding to this rising salience, not only by positioning themselves against it, but also through concrete policy responses—for example, government legislation on the issue.

From Abstainers to the Right: A Narrow Path to Expansion

Chega’s rise has been driven largely by voters defecting from the mainstream center-right. How has this pattern shaped Ventura’s claim to leadership of the “non-socialist space” in the presidential election, and what limits does it impose on his runoff strategy?

Dr. Hugo Ferrinho Lopes: Ventura can plausibly claim that he represents the pole of the non-socialist electorate, but there are two important caveats. First, he draws more support from former abstainers than from the mainstream right, even though he does attract some voters from the PSD and CDS. Overall, however, his gains come primarily from previously disengaged voters rather than from direct transfers within the center-right.

Second, the runoff presents a different strategic context. In the second round, Ventura must rely on voters from parties that are unwilling to formally endorse him. A clear example is the PSD leadership, which refused to support either of the two candidates who advanced to the runoff. In this context, mobilizing center-right voters through individual-level choices rather than party-led coordination is far more difficult, creating a ceiling for Ventura’s expansion. Without elite cues and under greater public scrutiny, it becomes harder for Chega—and for Ventura in particular—to move beyond its core protest electorate.

Ventura the Brand, Chega the Machine

André Ventura of the Chega party speaks during a plenary session of the Portuguese Parliament debating the government’s motion of confidence in Lisbon, Portugal on March 11, 2025. Photo: Ricardo Rocha.

Presidential elections personalize politics more strongly than legislative contests. To what extent is Ventura’s success best explained by André Ventura as a political entrepreneur, rather than by Chega as a party organization?

Dr. Hugo Ferrinho Lopes: Ventura is clearly the brand; he is a political entrepreneur, as I have noted before. At the same time, Chega as a party has increasingly become the organizational machine that makes this brand effective. Ventura is electorally viable, and when he is not running, Chega’s results tend to be significantly lower than when he is on the ballot. Still, the party structure matters, and Chega now has a substantial grassroots base actively working on its behalf.

In presidential elections, voters tend to reward candidate-centered campaigns, making the contest highly personalized. In this respect, Ventura’s media skills are a clear asset. Yet Chega’s rise as a major political actor also signals growing organizational penetration and normalized visibility. What we are witnessing is a shift from an initial entrepreneurial breakthrough driven by Ventura toward a gradual—but increasingly solid—process of party institutionalization by Chega itself. This is an incremental development, not one that occurs overnight.

Authoritarian Appeals Mobilize Some—but Not Enough

Your findings indicate that Chega switchers often exhibit higher authoritarian attitudes than first-time party members. How might this shape Ventura’s rhetoric and positioning in a second-round contest that requires broader democratic legitimacy?

Dr. Hugo Ferrinho Lopes: First, my findings suggest that switchers resemble latent populists who were activated by the rise of Chega as a viable alternative. However, when we examine the data in more detail, we see that the higher levels of authoritarian values are driven mainly by former right-wing party members who switched to Chega.

What does this mean? It means that most of Chega’s base—around 74 percent—consists of first-time members who joined the party for a variety of reasons. In contrast, those coming from right-wing parties joined Chega primarily because they felt that the PSD and CDS no longer represented what they considered important in the sociocultural domain, particularly in terms of values and authoritarian preferences. As a result, these attitudes are not evenly distributed across Chega’s grassroots.

Second, in the context of the presidential runoff, Ventura needs to appeal to a much broader electorate. Relying solely on authoritarian and nativist appeals is therefore insufficient, as he must attract voters from the center-right. Voters who have not previously switched electorally to Chega are unlikely to do so based only on authoritarian cues. Consequently, Ventura needs to go beyond these appeals in the second round.

Anti-System Rhetoric Meets Institutional Trust

Some Chega supporters display relatively higher institutional trust than expected for a populist radical right electorate. How does this tension shape Chega’s “anti-system” discourse when competing for an institutionally symbolic office like the presidency?

Dr. Hugo Ferrinho Lopes: Chega’s base within the party generally distrusts politicians and political institutions. However, within its grassroots—at the level of party membership—those who switched from another party to Chega tend to display higher levels of institutional trust. This points to a legacy effect among those who were politically experienced prior to joining Chega, even though overall trust in institutions remains quite low. This suggests that many of these switchers moved to Chega primarily for ideological reasons, not solely because of institutional distrust or anti-elite sentiments. They are therefore mobilized more by ideological cues than by explicitly anti-system appeals.

This tension produces a dual message for the party. On the one hand, Chega needs to argue that the system is broken; on the other, it must present itself as capable of safeguarding the nation’s institutions. This balancing act is particularly difficult in presidential elections, given the debates surrounding the limits of presidential power and the Constitution—whether Ventura embraces those limits or seeks to revise them. Since the president does not hold executive power, the role is closer to that of a moderator. Ventura must therefore convince his electorate that he can still meaningfully influence policy despite not being part of the executive or the cabinet.

Between Containment and Accommodation

The refusal of the PSD to endorse a runoff candidate highlights elite fragmentation on the right. How does Ventura’s runoff presence recalibrate elite incentives around containment, tacit accommodation, or strategic neutrality?

Dr. Hugo Ferrinho Lopes: The PSD’s neutrality is a way of avoiding two risks at once: legitimizing Ventura on the one hand, and alienating voters who might defect if given explicit instructions on the other. In terms of party competition, this reflects a form of elite coordination failure with a strategic rationale. The party is attempting to contain Chega organizationally while allowing individual voters the space to vote strategically in the runoff.

Over time, this situation recalibrates elite incentives. Some elites double down on non-accommodation, while others experiment with selective or tacit accommodation toward Chega. Despite this, most PSD elites are, in practice, supporting Seguro against Ventura in the runoff.

Above all, the governing party is trying to avoid giving Ventura the opportunity to claim that it is aligned with the Socialists or the left, or to be accused of accommodating the left rather than the right. Nevertheless, the reality is that most governing party elites are backing Seguro against Ventura.

This stance is neither full strategic coordination nor outright accommodation; rather, it represents an attempt to occupy a middle ground. That strategy carries risks for PM Luís Montenegro and the governing party, because they do not want Ventura to secure even a single vote more than Chega obtained in the legislative elections. Otherwise, Ventura could claim—despite losing the presidential race—that he enjoys greater electoral legitimacy than the prime minister, on the grounds that more voters support him than the government. There is therefore a shadow form of strategic coordination aimed at preventing Ventura from achieving further electoral success.

Normalizing Chega at the Presidential Level

Photo: Tatiana Golmer.

Portugal’s semi-presidential system grants the president significant agenda-setting and veto powers. Even if Ventura is unlikely to win, how might his normalization as a runoff contender reshape expectations about presidential authority and democratic restraint?

Dr. Hugo Ferrinho Lopes: If Ventura loses the election, then there is no immediate risk. What it does is normalize the idea that a Chega-aligned presence in the presidential arena is thinkable, and it extends the party’s shadow over issues such as veto power, agenda-setting, and signaling—particularly through the president’s ability to publicly highlight certain issues as priorities when meeting weekly with the prime minister. International coverage of this election has often emphasized that the Portuguese presidency, despite frequently being described as largely ceremonial, still retains meaningful powers, including the veto and the dissolution of Parliament, which can be consequential under minority governments, such as the current one. However, with Ventura remaining outside the presidency, it is unlikely that expectations regarding presidential powers themselves—rather than government stability or future alternation in office—will change in any significant way.

An Uncertain Path for Portugal’s Radical Right

And finally, Professor Lopez, taken together—rising turnout, party-system fragmentation, youth realignment, and Chega’s organizational consolidation—what is your best scholarly prognosis for the populist radical right in Portugal? Are we witnessing a durable opposition hegemony, a future coalition actor, or the gradual construction of governing viability?

Dr. Hugo Ferrinho Lopes: That is a very good question, and one to which I do not have a clear answer—both in the absence of a crystal ball and because current government signals point in different directions. The government has been pursuing piecemeal deals with both the Socialists and the radical right to pass legislation, while the opposition often coordinates to block the government, including cooperation between the Socialists and the far right. As a result, the situation remains difficult to assess.

That said, as long as Luís Montenegro remains the leader of the PSD, the party is unlikely to enter a coalition with the radical right or include it in government. However, if Ventura were to win an election at some point, Montenegro would likely resign as PSD leader, and it is unclear who would succeed him or what strategy a new leader would adopt—whether a German-style cordon sanitaire or a path toward accommodation or coalition-building with the far right.

At this stage, the trajectory remains highly unpredictable. I realize this may not be the definitive answer you were hoping for, but it is the most accurate one that can be offered at present.

Flags of the Quad countries—Japan, Australia, the United States, and India—symbolizing strategic cooperation in the Indo-Pacific. Photo: Sameer Chogale.

Pax Americana to Pax Silica: Strategic Shifts in US Security Policy

From Pax Americana to Pax Silica, US grand strategy is undergoing a quiet but consequential transformation. In this timely commentary, Dr. Prerna Chahar argues that recent US security documents—the 2025 National Security Strategy and the 2026 National Defense Authorization Act—signal a shift away from global stewardship toward a selective, technology-centered, and leverage-driven order. Rather than underwriting international rules and alliances, Washington is increasingly exercising power through control over strategic technologies, supply chains, and infrastructural chokepoints—a model Dr. Chahar conceptualizes as Pax Silica. This reorientation prioritizes hemispheric consolidation, technological dominance, and transactional partnerships over normative leadership. For partners such as India, the implications are profound: engagement remains valuable but conditional, reinforcing the logic of strategic autonomy, calibrated cooperation, and multi-alignment in a fragmented global order.

By Prerna Chahar*

What is unfolding in US security policy is neither isolationism nor traditional internationalism, but a selective strategy centered on leverage, technology, and regional primacy. American grand strategy is undergoing a quiet yet consequential transformation one that redefines how power is exercised, how partnerships are valued, and how international order is sustained. Recent US strategic documents, the National Security Strategy (NSS), and the National Defense Authorization Act (NDAA) point to a decisive shift away from managing global order toward consolidating national advantage, with far-reaching implications for allies and partners.

The National Security Strategy (NSS), published on December 4, 2025, and the National Defense Authorization Act (NDAA) for Fiscal Year 2026, signed into law on December 18, 2025, together confirm that the era of Pax Americana characterized by institutional stewardship, alliance management, and normative leadership is giving way to a more selective, technology-centered, and transactional order. This emerging configuration may be described as Pax Silica: an order grounded less in alliances and rules and more in control over technology, supply chains, and strategic chokepoints.

NSS and NDAA: Reframing US Grand Strategy

The framing of the NSS 2025 itself signals a deliberate break from earlier approaches to American grand strategy. Four recurring themes encapsulate this reorientation.

First, the strategy explicitly rejects “old policies,” portraying past commitments to liberal internationalism, open-ended multilateralism, and interventionism as having diluted US sovereignty, weakened economic resilience, and overstretched strategic focus. This narrative of rupture legitimizes a more restrained and interest-driven approach to global engagement.

Second, the NSS defines what America wants with unusual clarity. Rather than emphasizing the maintenance of international order, it articulates bounded national priorities border security, economic nationalism, technological dominance, and hemispheric stability. Global leadership is no longer treated as an intrinsic responsibility but as a derivative of clearly specified national interests.

Third, both the NSS and the NDAA foreground American strength in material rather than normative terms. The NDAA 2026 authorizes over $900 billion in national defense funding, making it one of the largest defense policy bills in recent history. This level of spending underscores a sustained emphasis on military readiness, industrial capacity, and technological superiority. Military capability, innovation ecosystems, industrial depth, and technological leadership take precedence over values-based diplomacy, institutional rule-making, or normative influence.

The NDAA further operationalizes this shift through enhanced cybersecurity authorities, frameworks for the secure development and deployment of artificial intelligence and machine-learning systems and strengthened protections for US Cyber Command and digital infrastructure. It also expands authorities related to airspace security and counter-unmanned aerial systems under provisions such as the Safer Skies Act broadening civil and federal counter-drone capabilities. Together, these measures reflect the logic of Pax Silica, in which control over technology and infrastructure replaces institutional stewardship as the primary currency of influence.

Fourth, the NSS report clarifies the renewed strategic focus on the Western Hemisphere. While global competition remains important, the strategy prioritizes hemispheric stability, border control, migration management, and economic dominance within the Americas. This represents a modernized revival of Monroe Doctrine logic, where securing influence in the immediate neighborhood is treated as foundational to national security. Engagement beyond the hemisphere is increasingly selective and interest-driven, filtered through considerations of domestic security, economic resilience, and technological advantage rather than assumptions of automatic leadership. The NDAA reinforces this orientation by prioritizing resources for homeland protection, maritime domain awareness in the Atlantic and Caribbean, and defense readiness tied to territorial security. Together, these documents signal a shift from global managerial ambitions toward consolidation of power closer to home.

Taken collectively, these elements reflect a fundamental strategic reorientation. Rather than presenting the United States as the custodian of international order, the NSS positions it as a state intent on consolidating advantage, preserving autonomy, and exercising leverage. This underscores the durability of what may be termed the Trump Corollary: the notion that alliances, institutions, and global engagements are instruments to be justified by tangible returns rather than commitments sustained for systemic stability or normative leadership.

US ‘Pax Silica’: Renewed Instrument of Power

Within this hemispheric and technological reorientation, Pax Silica captures the defining feature of the emerging order: power exercised through technological and infrastructural dominance rather than institutional rule-making. Semiconductors, artificial intelligence, critical minerals, digital platforms, and financial networks now constitute the backbone of strategic competition. Control over access to these systems enables coercion and influence without overt force.

Edward Fishman, in his book Chokepoints: American Power in the Age of Economic Warfare, demonstrates how American power increasingly operates through the regulation of markets, technology flows, and supply chains, an approach clearly visible in export controls, investment screening, and technology-denial regimes embedded in both the NSS and the NDAA. Unlike Pax Americana, which relied on openness, predictability, and alliance cohesion, Pax Silica is exclusionary and conditional. Cooperation is granted rather than guaranteed; access replaces inclusion as the principal mechanism of influence.

The most consequential aspect of this transition is the decoupling of power from stewardship. The United States remains pre-eminent, but it no longer seeks to underwrite global order as a public good. Instead, it prioritizes regional consolidation, technological control, and transactional leverage. This is not withdrawal, but re-hierarchization: the Western Hemisphere first, strategic technologies second, and global commitments contingent on domestic advantage.

Implications for India

The renewed US focus on the Western Hemisphere carries important implications for India. While the Indo-Pacific remains relevant, it is no longer the singular organizing theatre of US grand strategy. Engagement in Asia is increasingly shaped by cost-benefit calculations and capability contributions rather than long-term commitments to regional order. For India, this creates both opportunity and uncertainty. Reduced ideological pressure allows greater strategic autonomy, but transactional partnerships demand constant negotiation. Cooperation in defense, technology, and supply-chain resilience particularly in semiconductors and critical technologies remains valuable yet inherently conditional. India’s participation in groupings such as the Quad must therefore be understood as calibrated engagement rather than alignment, reinforcing the logic of multi-alignment and diversification.

Conclusion

The shift from Pax Americana to Pax Silica reflects a profound transformation in US statecraft. The renewed focus on the Western Hemisphere, combined with technological competition and transactional diplomacy, marks a move away from global stewardship toward selective, leverage-based power. For partners such as India, the challenge is to engage without illusion cooperating where interests converge, hedging where vulnerabilities emerge, and sustaining strategic autonomy in a world where leadership is fragmented and power is increasingly exercised through control rather than consensus.


 

(*) Dr. Prerna Chahar is a scholar of International Relations with published research on US foreign policy in the Indo-Pacific, regional coalition-building, and India’s foreign policy. She holds a Ph.D. in International Relations from the Centre for the Study of the Americas (CCUS&LAS), School of International Studies, Jawaharlal Nehru University, New Delhi, India.

Emblem of the World Economic Forum (WEF) in Davos, Switzerland. Photo: Dreamstime.

From the ‘End of History’ to the ‘End of a Fiction’: What Davos 2026 Really Announced

Davos 2026 revealed a global order no longer converging on a single liberal model, but sliding into a harsher era in which power increasingly outweighs rules and “integration” is reframed as vulnerability. The most striking paradox was that this diagnosis came not from critics at the margins, but from the system’s own architects—transforming elite “candor” into a strategy for managing declining legitimacy. In a world shaped by fragmentation and coercive interdependence, China’s state-capitalist model is increasingly perceived as a more effective crisis-response framework, while the United States and Europe drift toward a troubling hybrid: adopting not China’s developmental strengths, but its coercive instruments of control. This dynamic reflects an emerging logic of reverse convergence—the West is no longer guiding the world toward liberalism, but being pulled toward the governance style of its principal rival.

By Ibrahim Ozturk

The Davos platform can be seen as a stage where dominant actors test narratives, identify legitimacy losses, and modify the public vocabulary they use to govern (or justify governing). It rarely makes formal decisions; instead, it indicates what elites believe they can still publicly defend—and what they can no longer convincingly pretend. Davos 2026, in that sense, can be viewed less as a policy summit and more as a diagnosis of the regime.

In this context, Davos 2026 is significant because the words spoken inside the room seemed less like a reaffirmation of the post-1990 liberal-global order and more like an early draft of its obituary. Larry Fink, Interim Co-Chair of the World Economic Forum (WEF) and CEO of BlackRock—one of the world’s largest asset managers—started with a blunt admission that the world trusts Davos and the WEF’s ability to shape the future “far less,” warning that the forum risks seeming “out of step with the moment: elites in an age of populism” (Fink, 2026). Mark Carney, Prime Minister of Canada, took it even further. He suggested that the problem isn’t just declining trust in institutions; it’s the collapse of the narrative foundations of the “rules-based liberal multilateral order” itself. He described “the end of a pleasant fiction… and the beginning of a harsh reality,” emphasizing that “we are in the midst of a rupture, not a transition” (Carney, 2026).

If anything was “announced,” then it was not a new treaty or a coordinated policy package. It was an elite confession: the old legitimating story no longer works.

What Exactly Is Ending?

The natural questions—What was declared at Davos? Is it the end of the Western system? Is Chinese-style state capitalism rising? —are the right ones. But they require careful separation of the West as power from the West as ideology, and of neoliberal globalization from liberal democracy. What seems to be ending is not “the West” as a geographical or civilizational fact, but a historically specific settlement—visible in three interlocking dimensions.

The end of the convergence myth: One part of the story traces back to assumptions about nineteenth- and twentieth-century modernization. Classical modernization thinking regarded history as a linear, stage-like process where societies would converge toward a single “advanced” model through diffusion, emulation, and integration—so that cross-civilizational differences would eventually appear as “time lags,” not alternative paths (Apter, 1965; Inglehart & Welzel, 2005; Rostow, 1960). In that framework, modernity was not just one option among many; it was seen as the expected endpoint of development.

Francis Fukuyama’s “end of history” thesis—initially presented as an essay and later expanded into a book—was a late-twentieth-century extension of this modernization perspective (Fukuyama, 1989, 1992). After the fall of Soviet-style planning, liberal capitalism seemed not just victorious but final: no significant systemic challengers remained, and future conflicts were seen as minor issues rather than real alternatives.

Davos 2026, however, seemed to quietly acknowledge that this convergence theory has run its course. After decades of “learning-by-doing” globalization, the idea that marketization, integration, and digitization would inevitably lead to liberal-democratic outcomes has become less convincing. Among many others, Öztürk (2025) calls this a fundamental “liberal fallacy,” revealed by post-2008 stagnation, growing inequality, and the resilience of authoritarian governance under capitalist conditions.

The decline of the authority of the “rules-based order” (as performance): A second aspect involves the public authority of institutional rules. Carney’s remarks illustrated a familiar phenomenon: states show belief in a rules-based order—displaying the “sign” publicly—while privately recognizing how often the rules break down in practice (Carney, 2026). His metaphor strongly mirrors Václav Havel’s assessment of late-socialist legitimacy: the system’s survival relied on ritualistic compliance and public participation in an official fiction, even when no one truly believed it (Havel, 1978).

In modern global politics, this is the credibility crisis of liberal internationalism: the rules exist, but enforcement seems selective; the universal language stays, but power distribution shapes outcomes. This is exactly where realism comes back—sometimes openly, sometimes disguised as “values-based pragmatism.”

The end of elite capitalism’s moral economy: Third, Davos 2026 hosted a legitimacy check on elite-led capitalism itself. Fink’s insistence that prosperity cannot be reduced to total GDP gains or stock-market success implicitly admits what critics have argued for decades: growth narratives do not automatically generate social approval when the distribution of wealth is unfair, public services decline, and opportunities disappear (Fink, 2026; Piketty, 2020).

This line closely mirrors Robert F. Kennedy’s well-known critique of national income accounting, asserting that GDP can measure “everything… except that which makes life worthwhile” (Kennedy, 1968). What once seemed like fresh wisdom at Davos in 2026 now appears as delayed recognition: a long-overdue admission that the legitimacy of capitalism cannot rely solely on aggregate indicators. Taken together, these three dimensions do not imply “the end of the West.” They signify the end of the West’s story about itself—the self-description of a system that universalizes its model as destiny, naturalizes its institutions as neutral rules, and considers legitimacy to be the automatic result of growth. Historically, when a hegemonic story collapses, systems rarely vanish overnight; instead, they change and adapt.

The Crisis of Corporate Capitalism as a Reflection of the System

Öztürk’s (2025) “reverse convergence” hypothesis provides one of the clearest ways to interpret Davos 2026. It avoids two lazy conclusions— (1) “China is replacing the West,” and (2) “nothing changes; it’s only noise”—by arguing that the direction of convergence has reversed. Liberal democracies are increasingly adopting illiberal governance techniques (expanded surveillance, executive discretion, securitized policy frames, controlled pluralism), while authoritarian regimes are adopting capitalist tools (market mechanisms, technological dynamism, corporate scale) without liberalizing. This is not ideological convergence through persuasion. It is functional convergence driven by systemic pressure.

Here, Karl Polanyi’s concept of the “double movement” becomes central: disembedded markets cause social division and political backlash, but the protective countermovement can be seized—redirected into nationalist, exclusionary, or authoritarian forms instead of democratic re-embedding (Polanyi, 1944). Fernand Braudel’s distinction is also important: capitalism is not the same as competitive markets; it is often a structure of lasting domination shielded from democratic accountability (Braudel, 1982, 1984).

Add the modern layer of digital political economy. The tools of governance increasingly function through infrastructures of data extraction, algorithmic control, and dependency rather than through persuasion or consent. This is the shared domain of surveillance capitalism (Zuboff, 2019), vectoral power and information monopolies (Wark, 2004, 2019), and “techno-feudal” rent extraction via digital platforms and cloud infrastructures (Varoufakis, 2023). In this view, Davos 2026 was not just a geopolitical event; it also revealed that corporate capitalism has created a legitimacy gap that traditional liberal narratives can no longer fill.

When Fink’s speech is analyzed through the perspectives of Polanyi and Braudel, it seems to outline a plan to restore legitimacy. He urged the WEF to “regain trust,” boost participation, and modernize the language used to defend capitalism (Fink, 2026). Even if the diagnosis is sound, the messenger presents a problem. The contradiction is structural: the credibility crisis he describes is closely linked to the financial and corporate structures that BlackRock represents. When the “doctor” is also one of the system’s most powerful beneficiaries, criticism is often seen as mere damage control by elites rather than genuine reformist bravery. 

Fink also emphasized that prosperity must become distributive, turning “more people into owners of growth,” not spectators (Fink, 2026). Yet this is where Davos rhetoric regularly stalls: it acknowledges the legitimacy problem but often proposes solutions at the level of communication rather than at the level of reconstruction. The 2026 shift, then, is not the defense of globalization’s moral premise; it is an attempt to rewrite capitalism’s legitimacy contract amid mass distrust.

A key concern running through the Davos discussions about AI is anxiety. The worry is that AI will repeat the distributional betrayal of globalization: early benefits go to owners of data, compute, models, and platforms, while the social costs are spread out to others. Without strong redistribution and governance, AI risks being less of a productivity leap and more of a new enclosure system—worsening dependence instead of expanding opportunities (Zuboff, 2019; Varoufakis, 2023).

From Benign Interdependence to Fortress Logic

Carney’s intervention was more impactful because it explicitly addressed what “trust” rhetoric often overlooks: the geopolitical and geoeconomic rupture of the rules-based order. His speech repeatedly suggested that the liberal promise of mutual interdependence has run its course. Integration can become a source of vulnerability and subjugation, leading states to pursue strategic autonomy in energy, food, critical minerals, finance, and supply chains (Carney, 2026).

At one point, Carney invoked a brutally realistic moral: “the strong can do what they can, and the weak suffer what they must.” The phrase echoes the Melian Dialogue in Thucydides—a canonical statement of power politics rationality (Thucydides, trans. 1972). The significance is not the originality of the reference; it is that Davos discourse now treats such realism as publicly speakable.

This is where “weaponized interdependence” becomes relevant: network power can be transformed into coercion when states or firms control critical chokepoints in finance, infrastructure, trade, and digital platforms (Farrell & Newman, 2019). Carney’s prescription—strategic autonomy or a “world of fortresses”—is therefore less a nationalist shift than an acknowledgment that global integration is no longer seen as harmless.

Seen from the broader perspective of globalization discourse, Davos 2026 signifies a significant reversal of the assumptions that characterized the early 2000s. Thomas Friedman’s The World Is Flat summarized the era’s belief that digital connectivity and integrated supply chains were “flattening” the world into a more open, opportunity-filled, and ultimately convergent space (Friedman, 2005). Two decades later, David J. Lynch’s The World’s Worst Bet reads like an obituary for that optimism: globalization now seems less like a benign force for shared prosperity and more like a risky gamble that has weakened industrial resilience, increased inequality, empowered strategic competitors, and fueled political backlash in the West (Lynch, 2025). The transition from “flatness” to “worst bet” reflects the same shift Carney now describes in geopolitical terms: integration is no longer assumed to be mutually beneficial; it is increasingly viewed as a potential pathway to dependence, coercion, and subjugation (Carney, 2026; Friedman, 2005; Lynch, 2025).

This closely aligns with Amitav Acharya’s argument that the liberal “rules-based order” was never entirely universal; it functioned as a Western-centered system with selective membership and inconsistent enforcement. What follows, according to Acharya, is not just “multipolarity,” but a decentralized “multiplex” world—more diverse, more contested, and less controlled by a single hegemon (Acharya, 2017; Acharya, 2018). Even defenders sympathetic to the liberal order acknowledge its historically Western core and its expansion after the Cold War (Ikenberry, 2008, 2018). 

Davos 2026, therefore, seemed like a moment when elites started speaking more openly than before about a world they can no longer describe as heading toward a single institutional model. However, there is a deeper contradiction at Davos: many of the harshest critiques in 2026 were made not by independent critics but by the system’s own architects—CEOs, senior officials, and high-level political leaders. This doesn’t invalidate their diagnosis, but it should change how we interpret it: what looks like honesty may also be a form of preemptive storytelling, a controlled version of systemic self-criticism aimed at maintaining core power structures while giving rhetorical ground.

The US–EU–China Triangle: Three Paths, One Convergent Pressure

Against this backdrop, the question facing mainstream systems is no longer just whether globalization can be “fixed,” but which governance model is increasingly seen as the better response to a high-stress world full of uncertainty, fragmentation, and coercive interdependence. Under conditions of heightened geopolitical competition, supply-chain insecurity, volatility in energy and food, and rapid technological rivalry, the focus is quietly shifting toward the idea that China’s model—often called socialist state capitalism—may provide faster, more disciplined, and more strategically coordinated solutions than the liberal market approach, mainly because it can mobilize resources, direct finance, and prioritize long-term national goals. In this context, Davos 2026 didn’t just expose a legitimacy crisis; it also pointed to a growing competition over “effective modernity,” where resilience and the ability to command are beginning to matter more than openness and procedural legitimacy.

Indeed, an even more concerning sign is emerging from within the West itself: leading trends in the United States and the European Union increasingly indicate that what they are taking from China is not its potentially positive strengths—such as developmental coordination or strategic industrial policy—but rather its negative governance traits: securitization, surveillance expansion, executive centralization, and the normalization of emergency-style rule. This creates a growing zone of hybridization, where liberal democracies preserve electoral rituals while gradually adopting illiberal techniques of control and exclusion. In other words, the West seems to be entering a phase of reverse convergence—a process where the “center” shifts toward the logic of its challenger, often in its most coercive forms—a dynamic that I will explore in detail.

Öztürk’s (2025) structured comparison across five dimensions—surveillance regimes, populist discourse, regulatory architecture, market concentration, and distributional outcomes—acts like a decoder for Davos 2026. It does not claim that the US, EU, and China are becoming identical. Instead, it argues that all three are responding to the same structural pressures—tech-driven control, oligopolistic concentration, legitimacy erosion—while doing so through different institutional legacies.

China’s large-scale integration of state and capital shows that advanced capitalism can exist without liberal democracy. It combines market activity and corporate growth within one-party control, increasingly extending worldwide through infrastructure, standards, and digital systems (Callahan, 2016; Creemers, 2018; Dai, 2020). Its governance tools—such as data-driven monitoring, biometric systems, and ideological control of platforms—provide an attractive model for regimes dealing with insecurity and social unrest, even though it also poses legitimacy challenges (Greitens, 2020).

The United States’ hybrid drift shows how liberal democracy can weaken internally due to inequality, institutional capture, and polarization, especially after the 2008 crisis delegitimized traditional economic promises and heightened distrust between elites and the public (Öztürk, 2025). Illiberal populism has proved to be a resilient narrative ecosystem (Levitsky & Ziblatt, 2018; Mounk, 2018). Meanwhile, corporate surveillance and algorithmic governance operate alongside expanding security measures, leading to convergence driven by technique rather than ideology (Zuboff, 2019).

The European Union’s regulatory ambition, even under legitimacy stress, stands as the strongest counterexample to simple convergence claims because it has built the most ambitious rights-based regulatory framework in the democratic world, especially in the digital area (Floridi, 2020; Véliz, 2021). However, it remains vulnerable to legitimacy stress: far-right normalization, internal rule-of-law conflicts, uneven fiscal capacity, and ongoing reliance on US platform power. Regulation can limit domination, but legitimacy ultimately depends on distributive foundations—not just technocracy (Brown, 2019; Piketty, 2020).

If one sentence embodies the West’s strategic trauma, it is this: China demonstrates that sophisticated capitalism can operate without liberal democracy—and at scale. The Davos concern is not just that China competes, but that China’s model is increasingly serving as a reference point for organizing power in the twenty-first century (Öztürk, 2025).

The Hidden Davos Declaration

If we summarize Davos 2026 into a single implicit statement, it is: The global order based on rules-based multilateralism, benign interdependence, and trickle-down legitimacy has reached a final crisis. What comes next is probably going to be centered around: i) strategic autonomy (energy, supply chains, critical minerals, digital sovereignty) (Carney, 2026), ii) narrative legitimacy repair (“inclusive prosperity,” participation, trust) (Fink, 2026). iii) technological control architectures (AI governance, surveillance trade-offs, platform regulation conflict) (Zuboff, 2019; Varoufakis, 2023), and iv) a reduced faith in universalism, and a greater acceptance of bloc rivalry, vulnerability management, and “value-based realism” (Acharya, 2017; Ikenberry, 2018).

This is why Davos 2026 felt like a turning point: elites are no longer pretending we still live in the 1990s. But the new order being outlined is not automatically democratic. It can just as easily shift toward market authoritarianism—combining capital preservation with control-first governance. A democratic solution is still conceptually possible: re-embedding markets in democratic institutions (Polanyi, 1944), rebuilding a distributive social contract (Piketty, 2020), and limiting both corporate and government power through enforceable rights (Floridi, 2020; Véliz, 2021). Davos 2026, however, raises a brutally practical question: Can democracies re-legitimate themselves quickly enough before surveillance, AI, and strategic autonomy become permanent justifications for executive insulation?

That question, more than any speech, was the true “announcement.”


 

References

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Acharya, A. (2018). The end of American world order (2nd ed.). Polity. (Wiley)

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Callahan, W. A. (2016). China dreams: 20 visions of the future. Oxford University Press.

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Creemers, R. (2018). China’s social credit system: An evolving practice of control. SSRN.

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Farrell, H., & Newman, A. L. (2019). Weaponized interdependence: How global economic networks shape state coercion. International Security, 44(1), 42–79.

Fink, L. (2026). Remarks as Interim Co-Chair of the World Economic Forum at the 2026 Annual Meeting in Davos. LinkedIn.

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Fukuyama, F. (1992). The end of history and the last man. Free Press.

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Ozturk, Ibrahim. (2025). “Capitalist Disruptions and the Democratic Retreat: A US–EU–China Comparison.” Journal of Populism Studies (JPS). September 11, 2025. https://doi.org/10.55271/JPS000116

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Véliz, C. (2021). Privacy is power: Why and how you should take back control of your data. Bantam.

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Professor António Costa Pinto is a Research Professor (ret.) at the Institute of Social Sciences, University of Lisbon.

Prof. Costa Pinto: If Victorious, Ventura Would Pursue Orbán-Style Authoritarianism in Portugal

In this in-depth ECPS interview, Professor António Costa Pinto—one of Europe’s leading scholars of authoritarianism—offers a historically grounded analysis of Chega’s meteoric rise and André Ventura’s advance to the second round of Portugal’s 2026 presidential election. Far from an electoral accident, Professor Costa Pinto situates Chega’s breakthrough within long-standing structural conditions, recurrent political crises, and the fragmentation of the center-right. He traces how Ventura mobilizes authoritarian legacies of “law and order,” welfare chauvinism, and anti-elite resentment without openly rehabilitating Salazarism. Immigration, demographic change, and plebiscitary populism emerge as key drivers of Chega’s success. Crucially, Professor Costa Pinto argues that Orbán’s Hungary—not Trump or Bolsonaro—serves as Ventura’s primary model, raising urgent questions about democratic resilience in Portugal as uncertainty on the right deepens.

Interview by Selcuk Gultasli

In this in-depth interview with the European Center for Populism Studies (ECPS), Professor António Costa Pinto—Research Professor (ret.) at the Institute of Social Sciences, University of Lisbon, and a leading authority on authoritarianism and the radical right—offers a historically grounded analysis of the unprecedented rise of Chega and its leader, André Ventura. The discussion is anchored in a critical political moment: Ventura’s advance to the second round of the 2026 presidential election, which Professor Costa Pinto describes as neither a mere accident nor a sudden rupture, but the product of deeper transformations within Portuguese democracy.

As Professor Costa Pinto explains, Chega’s breakthrough cannot be understood as an isolated electoral shock. “The Chega Party and André Ventura have, in a way, a short history in Portuguese democracy,” he notes, “but over the last four years, the party has gone from one MP and 1.5 percent to 23 percent.” This rapid ascent, he argues, reflects the convergence of long-standing structural conditions—most notably the persistence of conservative authoritarian values in Portuguese society—with a series of destabilizing political crises that created what he calls “populist junctures.”

A central theme of the interview is the fragmentation of the center-right, which Professor Costa Pinto identifies as a key enabling factor. Portugal now has “three parties representing the right in Parliament,” and Chega’s strategy is explicitly hegemonic: to replace the traditional center-right as the dominant force. Ventura, Professor Costa Pinto observes, has succeeded because “he was able to mobilize his electorate,” even as his capacity to expand it in a runoff remains uncertain.

The interview also situates Chega within Portugal’s authoritarian legacies without reducing it to a simple revival of Salazarism. While Chega does not openly rehabilitate the Estado Novo (the corporatist Portuguese state installed in 1933), Professor Costa Pinto notes that it selectively draws on the past, particularly through “law and order” and moral authority. “Salazar is presented as the example of a non-corrupt dictator,” Professor Costa Pinto explains, adding that Chega appropriates “the idea of a conservative regime in which law and order prevailed,”while avoiding deeper identification with an unpopular dictatorship.

Immigration emerges as the party’s most powerful mobilizing issue. According to Professor Costa Pinto, “the central card that Chega has been playing over the last four years—and one that is closely associated with its electoral success—is immigration.” He links this to recent demographic shifts, especially increased migration from South Asia, and to growing anxieties among working-class voters. These dynamics underpin Chega’s welfare chauvinism, which combines statist social policies with exclusionary nationalism.

Crucially, Professor Costa Pinto frames Ventura within a transnational authoritarian constellation. “In a way, Orbán is the model for Ventura,” he states plainly. “The type of regime that Ventura would seek to consolidate in Portugal… is precisely the kind of competitive authoritarian regime that Orbán has managed to establish in Hungary.” While Trumpist styles and Bolsonaro’s experience in Brazil matter symbolically, Professor Costa Pinto stresses that Ventura adapts these influences pragmatically to Portuguese political culture.

Ultimately, the interview raises pressing questions about democratic resilience. While Professor Costa Pinto believes that Ventura is unlikely to win the presidency, he cautions that “the game is not over” on the right. Portugal, he concludes, faces a period of sustained uncertainty—one in which democratic institutions remain intact, but increasingly contested.

Here is the edited version of our interview with Professor António Costa Pinto, revised slightly to improve clarity and flow.

A Historic Runoff and a Fractured Right

André Ventura of the Chega party speaking during the plenary session of the Portuguese Parliament debating the government’s motion of confidence, March 11, 2025.

Professor António Costa Pinto, thank you so much for joining our interview series. Let me start right away with the first question: André Ventura’s advance to the second round of the 2026 presidential election marks a historic breakthrough for the Portuguese far right. From a longue durée perspective, how should we interpret this moment: as an electoral shock, or as the culmination of structural shifts long underway within Portuguese democracy?

Professor António Costa Pinto: Let me tell you two things. First, the Chega Party and André Ventura have, in a way, a short history in Portuguese democracy. Over the last four years, the party has gone from one MP and 1.5 percent in legislative elections to 23 percent. The reason why André Ventura will be present in the second round of the presidential elections is therefore more complicated. The Portuguese center-right and right are going through a rather curious period of party fragmentation. We now have three parties representing the right in Parliament: the center-right that is in power, a liberal right with 7.5 percent, and the Chega Party with 23 percent.

The question surrounding this presidential election is, in a way, simple. There was an independent candidate who was expected to be the winner a year ago. Admiral Henrique Gouveia e Melo was a sort of hero of the response to the pandemic a couple of years ago. In this sense, the presidential election is unusual in terms of the number of candidates, with four candidates competing on the right-wing side of the political spectrum.

The reason why Ventura is in the second round is straightforward. The main reason is that he was able to mobilize his electorate. The more difficult challenge for Ventura lies in the second round: whether he will be able to expand his electorate, because, in theory, he is going to lose.

Why the Far Right Arrived Late in Portugal

Portugal was long considered an outlier in Southern Europe for its resistance to far-right populism. In your view, what factors delayed the emergence of a party like Chega, and what has changed—politically, socially, or culturally—to make its rise now possible?

Professor António Costa Pinto: There are structural factors and conjunctural factors. The structural factor is, first of all, that since the 1980s we have known already quite clearly from surveys that around 80 percent of Portuguese society has expressed conservative authoritarian values. That was very clear. The main problem, of course, was the opportunity to express these values in electoral and political terms. Until very recently, the two main parties, especially on the right-wing side of the political spectrum—and particularly the main center-right party—had the capacity, in a way, to frame and absorb this electorate to their right.

What happened in the meantime? There were two general elements. The first was what we could call a populist juncture. A couple of years ago, a Socialist prime minister, António Costa—who now holds a position in the European Union institutions—faced, while in office, an accusation from the court system. Not exactly for corruption but associated with corruption. His response was basically to resign. The president then decided to call early elections. This was the first populist juncture responsible for the initial breakthrough of the Portuguese radical right in Parliament. Over the last four years, there have been three early elections, all associated with this kind of populist juncture.

The most recent one, seven months ago, was also the result of a problem involving a conflict of interests, in which a center-right prime minister was accused in Parliament of maintaining a small family business that was incompatible with the role of prime minister. So, Portugal has experienced several electoral populist junctures over the past four years, and these conjunctural elements have driven the growth of the Chega Party during this period. 

We therefore have structural dimensions, of course, but above all, we have conjunctural dynamics that explain this development. There is also a central element in this process: the leader of the Chega Party. He is a very charismatic figure, extremely well known in the media. He began as a football commentator in the press, closely connected to popular segments of Portuguese public opinion. He then emerged as a party leader, and we must admit that, for the first time in Portugal, a right-wing political entrepreneur managed to establish direct contact with potential voters of a radical right party—and he succeeded in doing so.

Old Repertoires, New Populism?

Sign of the right-wing conservative political party Chega, led by André Ventura, in Faro, Portugal, March 16, 2023. Photo: Dreamstime.

Drawing on your work on the “Estado Novo,” to what extent does Chega represent a reactivation of authoritarian political repertoires—such as moralism, punitive order, and anti-pluralism—rather than a novel populist phenomenon detached from Salazarist legacies?

Professor António Costa Pinto: When we look at populist radical right-wing parties in Europe, discussing their origins can become a political trap. Why? Because the trajectories are highly diverse. We know, for instance, that the Swedish populist party emerged from a very small neo-Nazi group; Fratelli d’Italia in Italy also originated in a marginal neo-fascist party; while in Spain, Vox comes from the center-right.

In the Portuguese case, the Chega Party has a very small core of leaders—essentially one figure—who comes from the political culture of the Portuguese extreme right of the past. However, the majority of its leadership, including André Ventura, comes from the main center-right party, as is also the case in Spain. Ventura himself ran for a municipal position many years ago through the Social Democratic Party, Portugal’s main center-right party, mobilizing a Roma-chauvinistic discourse. He contested a former communist municipality and played on anti-Roma sentiment in very populous suburbs of Lisbon, and this strategy proved effective. That was the starting point of his political career.

When it comes to the past, two elements are particularly important in the radical right’s mobilization of authoritarian legacies. These are not directly tied to Salazarism, but rather to a more homogeneous conception of the nation-state: the glorification of Portugal’s past, the narrative of the “Discoveries,” the Portuguese Empire, and, in many cases, the mobilization of veterans of the colonial wars. Portugal experienced a deeply traumatic decolonization, and this remains the central historical reference in how Chega engages with the past—especially the colonial wars in Africa, in Mozambique, Angola, and Guinea-Bissau.

At the same time, and this is especially interesting, Chega represents a break with the political culture of the conservative right. Traditionally, the conservative right promoted a loose or “tropical” notion of empire, arguing that the Portuguese Empire was not racist and was, overall, a positive historical experience. Chega breaks with this tradition. Its chauvinistic, anti-immigration discourse—targeting African, Brazilian, and Asian immigration—marks a clear rupture with the conservative right’s legacy in Portugal.

What emerges, then, is a new-old conception of national identity. Chega occasionally invokes Salazar, but above all it mobilizes the past through the theme of corruption: fifty years of corruption, fifty years of an oligarchic political class—coinciding, symbolically, with the fifty years of democracy Portugal celebrated last year. Salazar himself poses a problem as a reference, as he is associated with repression and with a period that remains unpopular in Portugal, except in one key dimension: law and order.

These, ultimately, are the two elements Chega draws most clearly from the authoritarian past: the myth of a glorious colonial empire and, above all, the appeal to law and order.

Presidentialization and the Rise of Plebiscitary Populism

Parliament building in Lisbon, Portugal. Photo: Dreamstime.

While Chega does not explicitly rehabilitate Salazar, do you see elements of what you have described as Salazarism’s “politics of order” and depoliticization resurfacing in Ventura’s discourse, particularly his emphasis on discipline, punishment, and national moral renewal?

Professor António Costa Pinto: As I mentioned earlier, Chega draws on Salazar primarily through two elements. First, Salazar is portrayed as an example of a non-corrupt dictator. Second, Salazarism is evoked as a conservative regime in which law and order prevailed. These are essentially the two aspects Chega appropriates from the Salazarist past. However, as I also noted, most of the references to authoritarian legacies are linked less to Salazar himself than to the former greatness of the Portuguese colonial empire in Africa.

In your comparative work on charisma and authoritarian leadership, you note that charisma need not be revolutionary or mass-mobilizing. How would you characterize Ventura’s leadership style: as plebiscitary populism, mediated celebrity politics, or a new post-charismatic form of personalization?

Professor António Costa Pinto: Ventura clearly belongs to the plebiscitary, authoritarian populist parties in Europe. By this I mean that the main elements of political mobilization of the Portuguese radical right revolve around law and order, the idea of corruption associated with the oligarchic political class that has dominated Portuguese democracy since its transition, and a set of conservative values typically linked to this form of plebiscitary authoritarian democracy—such as proposals for the sterilization of pedophiles, or even the reintroduction of the death penalty in Portugal.

These are dimensions tied to this broader political vision, and a significant segment of Portuguese society does support such ideas. As a result, this is not primarily about the functioning of parliamentary institutions, but rather about a plebiscitary, referendum-style conception of political power.

This is also how Ventura behaves in the current presidential elections. He seeks, in a sense, to use the powers of the presidency to advance many of these political proposals, through a form of presidentialization within Portugal’s semi-presidential system.

Electoral Strategies of Chega Is Cannibalizing the Right

Salazarism relied on corporatist and technocratic governance rather than mass populist mobilization. Does Chega’s rise suggest a transition from elite-managed authoritarianism to popular authoritarianism, or are we witnessing a hybrid form adapted to democratic institutions?

Professor António Costa Pinto: As with many other radical right-wing parties in Europe, Chega operates within democratic institutions. It is primarily an electoral party. There are very small segments—one could describe them as a residual effect—of neo-fascist and extreme right-wing groups, but these remain marginal. For the most part, Chega plays the electoral card.

In fact, in the current presidential election and campaign, an important dynamic concerns the right-wing side of the political spectrum in Portugal. Ventura and Chega are present, but Ventura is the only right-wing candidate to advance to the second round. His strategy is to combine two approaches: on the one hand, mobilizing the radical right and, at times, even the extreme right; on the other, presenting more conservative and moderate political proposals. The objective is straightforward: to become the main party representing the right-wing side of the political spectrum in Portugal and to cannibalize the conservative right-wing electorate.

The cards have been played, but the outcome remains highly uncertain. We will see what happens in these presidential elections, even if Ventura does not ultimately win.

Selective Moralism in Portugal’s Populist Right

Your research highlights the role of political Catholicism in shaping authoritarian moral frameworks. To what extent does Chega’s moralized discourse on family, crime, and social order echo these traditions, even in a formally secular and pluralist society?

Professor António Costa Pinto: Chega has clear, or very conservative, values associated with religion—not only with the Roman Catholic Church. We should also not underestimate the role of small evangelical groups, particularly among certain popular segments of Portuguese society. Undoubtedly, Chega has adopted pro-life positions, anti-abortion values, and other conservative stances. At the same time, however, Chega is a populist party. For that reason, it does not consistently play the anti-abortion card. Why? Because its leaders look at opinion surveys and recognize that the majority of Portuguese society supports the legalization of abortion, as is currently the case in Portugal.

What we see, then, is a core of conservative values, but above all a strong emphasis on anti-corruption rhetoric, hostility toward the political class, and the idea that Portuguese society is being held back by centrist, non-reformist center-right and center-left governments. So yes, conservative values matter for Chega, but the party does not emphasize all of them when it realizes that they do not translate into electoral gains.

There is, however, one aspect I would like to stress: As in many other European democracies, Chega is a typical social welfare–chauvinistic party. It does not embrace ultra-liberalism, unlike some other right-wing populist figures outside Europe, such as Jair Bolsonaro in Brazil or Javier Milei in Latin America. Instead, Chega clearly plays the card of a welfare state “for the Portuguese,” combined with anti-immigrant narratives that accuse immigrants of exploiting the welfare state and the national health system. At the same time, it advances a vision of social policy that is explicitly not anti-statist.

From Emigration Country to Immigration Backlash

Ventura’s campaign placed immigration at the center of political conflict, despite Portugal’s relatively recent experience as a destination country. How do you explain the salience of immigration in a context historically defined by emigration rather than immigration?

Professor António Costa Pinto: The central card that Chega has been playing over the last four years—and one that is closely associated with its electoral success—is immigration. Portugal was long accustomed to immigration from Portuguese-speaking African countries and to some extent from Brazil. However, over the past five years—a very recent development—there has been a sharp increase in immigration from Asia, which is new in the Portuguese context. Migrants from Nepal, Bangladesh, and Pakistan are now highly visible across different segments of Portuguese society and the economy, from delivery services and other forms of urban transport in major cities to the agro-export sector in the south of the country. In that sector alone, around 70 percent of the labor force now comes from Asian countries such as Pakistan, Nepal, and Bangladesh. Similar patterns are visible in tourism as well.

This shift is driven, of course, by economic needs. Portugal is one of the most rapidly aging societies in Europe, and demographic aging is a central structural feature of the Portuguese economy and society. Immigrants already play a crucial role in sustaining pensions, social benefits, and key sectors of the labor market.

However, the social reaction to this new wave of immigration—particularly among lower-middle-class and working-class segments of Portuguese society—is perhaps the most important explanation for Chega’s electoral success. At the same time, as Chega has come to dominate the political agenda on immigration, the center-right government, feeling electorally threatened, has responded by negotiating with the radical right and adopting new restrictive policies on immigration, access to Portuguese nationality, and related issues.

The Crisis of the Traditional Right in Portugal

The PSD’s historically weak performance and its refusal to endorse a runoff candidate point to a crisis of the traditional right. How important is center-right fragmentation in enabling Chega’s claim to leadership of the “non-socialist space”?

Professor António Costa Pinto: Undoubtedly, Chega is cannibalizing segments of the center-right, much more so than voters on the left or the radical left. At the same time, Chega is now present in many areas of Portuguese society—particularly in the South—that were electorally communist in the past. However, this is less significant today, given that the Portuguese Communist Party now represents around 2 percent of the vote.

What is more important is that Chega has increased its vote share in many areas, especially in the south and in the outskirts of Lisbon, which previously voted for the Communists and the Socialist Party. Today, however, Chega has become a national party with a very homogeneous electorate. As a result, it is primarily cannibalizing votes from the right.

The only real challenge to Chega, aside from the center-right, comes from a small right-wing liberal party that appeals mainly to younger and more educated voters. Chega, by contrast, is clearly dominant on the right-wing side of the political spectrum among segments of Portuguese society with less than secondary education. For this reason, any further electoral growth for Chega can only come from right-wing voters.

In the last legislative elections, the Social Democratic Party (PSD), the main center-right party, did increase its vote share. It is now in power with a minority government that is forced to negotiate much of its legislation with the radical right. Labor reform is a clear example: the only viable negotiating partner is the radical right, since the center-left has already decided to vote against it.

So yes, the challenge posed by the radical right is very significant, and the game is far from over. While the cards have been played, there remains considerable fluidity and uncertainty on the right-wing side of the political spectrum. On the left, by contrast, the Socialist Party lost the election and many voters, but it has nonetheless survived as the main force of the center-left.

From Trump to Orbán: How Transnational Models Shape Portugal’s Radical Right

Viktor Orban, Hungary’s prime minister arrives to attend in an informal meeting of Heads of State or Government in Prague, Czechia on October 7, 2022. Photo: Alexandros Michailidis.

Observers have described Ventura’s rise as part of the “Trumpification” of the right. To what extent do transnational populist styles, media strategies, and narratives of cultural grievance matter more today than domestic historical legacies?

Professor António Costa Pinto: Domestic legacies are important, but undoubtedly Chega and Ventura are, first of all, integrated into the radical right political family in the European Parliament. There is a strong sense of identification with Giorgio Meloni, and also with Vox in Spain.

Above all—and this is very important—even when it is not openly emphasized, there is a strong sense of identification with Orbán. In a way, Orbán is the model for Ventura. The type of regime that Ventura would seek to consolidate in Portugal, if he were to win elections and gain access to power, is precisely the kind of competitive authoritarian regime that Orbán has managed to establish in Hungary.

In the Portuguese case, and in Portuguese political culture more broadly, we should not forget Portugal’s strong links with Brazil. Chega was a strong supporter of the Bolsonaro experience in Brazil, firmly anti-Lula and anti-left, and this reflects deeper cultural and political connections between Portugal and Brazil.

More recently, however, Trump’s challenge to NATO and episodes such as the “Greenland affair” have made Ventura more cautious. He is aware that, within Portuguese public opinion, Trump’s positions on NATO and the European Union are problematic. This matters because the Portuguese electorate is generally optimistic about the European Union and not receptive to such positions, so Ventura avoids adopting them openly.

So, as in many other radical right-wing populist experiences in Europe, there is a core of values associated with right-wing authoritarianism, but there is also a popular strategy that plays the cards that are popular and avoids those that are unpopular.

Uncertainty on the Right and the Future of Portuguese Democracy

And finally, Professor Pinto, from the perspective of democratic theory and historical comparison, does the 2026 election represent a critical juncture for Portuguese democracy—or does Portugal still possess institutional and cultural buffers capable of containing far-right populism in the long run?

Professor António Costa Pinto: That is a very interesting question, and it is not easy to answer. For the first time, this presidential election has prompted a clear stance among many figures on the right, including several politicians from the center-right, in support of the moderate candidate of the left. This is the first time such a development has occurred in Portugal. Why? Because in the last legislative elections, seven months ago, the Social Democratic Party completely abandoned any strategy of maintaining red lines against the radical right and entered into negotiations with it.

For the second round of the presidential election, both the prime minister and the main leader of the conservative party supporting the government chose not to take public positions. However, they gave instructions to most local leaders—mayors and other municipal figures—to support the center-left candidate. This was also a very pragmatic decision.

They know that, as president, the center-left candidate would respect democratic norms and the formal and informal rules governing relations between the president and the government. We should not forget that Portugal is a semi-presidential democracy. They also know very clearly that if, by any chance, the radical right was to win the election and Ventura became president—which is not going to happen—it could lead to a presidentialization of the system and favor his party in terms of cabinet influence.

In that sense, Portuguese democracy could be subverted not only through legislative elections but also through presidential ones, if Ventura were to gain presidential power—and that is not going to happen.

Overall, Portuguese democracy will continue to face a degree of uncertainty, particularly on the right-wing side of the political spectrum, where the game is not over. At this stage, we do not know which party will ultimately become the dominant force on the center-right. Will Portugal move toward an Italian-style scenario, in which the radical right dominates and the center-right becomes a junior partner? Or will it continue, as it does today, with a minority center-right government supported by a liberal democratic party such as Iniciativa Liberal? With Chega holding 23 percent of the vote, the future of the right-wing political landscape in Portugal remains highly uncertain.

US President Donald Trump delivers a speech to voters at an event in Phoenix, Arizona. Photo: Danny Raustadt.

From Farce to Tragedy: The First Year of Trump’s Second Term and the Unmaking of America

In “From Farce to Tragedy,” the author traces the first year of Donald Trump’s second term as a turning point in American political life. What once carried elements of chaos and dark comedy has hardened into something more deliberate and consequential. Trump’s return to power, framed by him as total vindication, has brought an unprecedented expansion of executive authority, the systematic weakening of institutions, and the normalization of personal loyalty over law. Drawing on sharp observations from leading journalists and scholars, the piece shows how emergency powers, executive orders, and transactional politics have reshaped governance at home and abroad. The result is not renewed greatness, but a spectacle of democratic erosion—an American tragedy unfolding without the comfort of a happy ending.

By Cemal Tunçdemir*

“What the American public always wants is a tragedy with a happy ending,” the American critic William Dean Howells, who was a central figure in Gilded Age American literature, once said. The second coming of Donald J. Trump to the US Presidency was not an accident of fate, nor even absurdity of democracy. It was a sequel demanded by majority of American voters that having once liked the “first season” and asked upon longer run. The real tragedy was not that Trump was Trump, that was obvious from the start, but that so many Americans mistook his loudness for conviction and saw his challenge to the rules as bravery. 

“The first time around, there was something almost thrilling about Donald Trump as president,” explains American historian and journalist Thomas Frank, “The respectable world came together against him with a gratifying unanimity: the legacy media, the nonprofits, the universities, the think tanks, the tech sector, the intelligence community. Insulting this imbecile became the most rewarding pastime on earth.” By contrast, according to Frank, for much of 2025, the feeling was darker. “Absolute despair” if you will.

The difference in the second term wasn’t just the lack of the thrilling or accidental comedic elements of the first term. Donald Trump viewed his return to the White House as a profound vindication. In his telling, his four years of exile had proven that he was right about everything. About economy, about “stolen” election, about press, about elites, about universities, about institutions. This absolute conviction liberated him from all doubt, and all rules. 

Trump’s unrestrained mind is on full display in a recent letter he sent to the Prime Minister of Norway as he wrote, “Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace.”

“Donald Trump now genuinely lives in a different reality,” observes Anne Applebaum, “one in which neither grammar nor history nor the normal rules of human interaction now affect him.”

“Trump 2.0 is Trump 1.0 in some ways but on steroids,” compares Peter Baker, New York Times’s chief White House correspondent who have covered six US presidents, including Trump in his first term, “A lot of the things that he talked about doing or exploring in the first term -or tried but failed to do or was dissuaded from doing-he’s now doing and in spades.” 

Unlike the first term, in the beginning of his second term, there was less confusion, more intent. And more so preparation. Trump has rolled out many of the Project 2025, 900-page Heritage Foundation-led blueprint, he once claimed he has nothing to do with. Many of Trump’s executive orders reshaping the government were outlined in this right-wing policy plan. From the early days of his tenure, Donald Trump began advancing Project 2025’s primary objective: the “deconstruction of the administrative state,” a term coined by his former chief strategist, Steve Bannon. He has expanded the scope of executive power in ways unparalleled in modern history. 

By the end of 2025, some 317,000 federal employees were out of the government, according to the Office of Personnel Management. This was the largest reduction of the federal workforce in American history. He even fired members and officials from various independent and bipartisan boards, agencies, and commissions, including dozens of inspectors general, key watchdogs for waste, fraud, and abuse across all government.  

One of the things Trump learned was that it matters who is around him, Peter Baker observes, “Many of the people he surrounded himself with in his first term viewed their jobs as keeping him from going off the rails, from doing things they thought were reckless -or illegal even. This term, he’s surrounded by people who not only agree with him but are enabling him and empowering him and want to serve his desires.”

One of the Trump’s most daring test the limits of his presidential power was claiming powers that have typically resides with Congress. In his first year, executive orders have eclipsed actual legislation. Trump has signed 147 executive orders, setting a record for the most signed in any president’s first 100 days of office. By contrast, he has signed only five bills into law, a record low for the first 100 days.  

What is truly worrying is that his blatant misuse of emergency powers, which are meant to temporarily increase executive authority only during urgent and rapidly developing situations. The Brennan Center has identified 123 different laws could be triggered by a presidential emergency declaration. Because these powers are extensive, strong safeguards are needed to prevent misuse. Since The National Emergencies Act lacks safeguards, a president can declare an emergency by executive order and renew it every year indefinitely. Congress may vote to terminate an emergency, but only with a veto-proof majority. This flaw was exposed when Trump declared a fake emergency to fund a border wall Congress had rejected. 

As a striking example, instead of traditional tariff statutes (such as Section 301 or Section 232) he invoked the International Emergency Economic Powers Act (IEEPA), which is not a general trade statute, to impose sweeping import taxes. To justify invoking the IEEPA, Trump Administration declared “trade deficits” a national emergency. And this audacity has led to a legal drama that has now reached the Supreme Court.

The question is why the White House team ever invoked IEEPA at all, instead of traditional trade laws? The answer is not only that IEEPA provides the President broad authority to respond to a declaration of national emergency. The real answer probably lies in “political anthropology rather than jurisprudence,” writes Gillian Tett, “Trump’s team has a power structure more akin to a royal court than anything that adheres to 21st-century norms.” He always wants to have king-like powers, and his team is looking for loopholes that would allow him to acquire those powers. 

This is the posture of a man who has looked at the institutions meant to restrain him -the courts, the lawmakers, the prosecutors- have done nothing and he concluded they are toothless. After the surviving of the fallout of January 6, five years ago, he now moves with the confidence of someone who believes he is beyond the reach of the old rules. He wants a power that is feared and given whatever it wants. For this reason, some critics are no longer debating policy; they are discussing a change in the American regime. But a change to what? 

“There is an answer, and it is not classic authoritarianism—nor is it autocracy, oligarchy, or monarchy. Trump is installing what scholars call patrimonialism.” Jonathan Rauch answered the question in his now famous article. “Patrimonialism is less a form of government than a style of governing,” he wrote, “It is not defined by institutions or rules; rather, it can infect all forms of government by replacing impersonal, formal lines of authority with personalized, informal ones.” 

The Art of the Deal-Making Presidency

“Nice woman but she does not listen.” 

After a reportedly tense phone call in early August, President Trump publicly criticized Swiss President Karin Keller-Sutter with this condescending remark and quickly raised tariffs on Swiss imports to a punishing 39 percent. Couple of days later when two Swiss federal ministers and several government executives flew over to DC, but they got nowhere near Trump. Following months all the effort of traditional statecraft couldn’t resolved months of standoff. What ultimately break the deadlock was not diplomacy or policy talks. It was something shinier.

In early November, small delegation of Swiss titans -all male and, all billionaires- sidestepped the usual diplomatic channels, arriving at the Oval Office with a gold-plated Rolex desk clock and a 1-kilogram engraved gold bar. Before the guests had even leaved the White House, Trump shared a social media post announcing progress. Within the days, the previously urgent “national emergency” posed by Swiss trade deficit seemed to lose its urgency, and tariffs were trimmed to a comparatively modest 15 percent. 

As that meeting so strikingly demonstrated, access to the American leader is no longer earned through shared values or sound policy. It is now won through the language of the deal and, above all, the weight of gold.

Trump received gold coated replica of a royal crown from the Silla Kingdom from South Korea President, a golden pager from Israeli Prime Minister Benjamin Netanyahu, a gold-plated golf club from Japan, a golden boxing belt from Ukraine.  Even Apple CEO Tim Cook presented Trump with a special glass disc on a 24-karat gold base in August 2025 and secured an exemption from 100% tariff on imported semiconductors. Apple gift was a favorite for Trump in the Oval Office until the Swiss came to town. “It was tough to beat Apple, but the Swiss did it,” one administration official told Axios.

Trump even kept original 24-karat gold Club World Cup Trophy for himself so FIFA had to give the winner team, Chelsea, a replica. Not only did he receive the trophy, but he was also awarded a gold medal, which FIFA presents to the players of the winning team.

“The golden age” that Trump promised in his second inaguration speech, has never seemed more literal. He wasn’t only for his trademark “Midas touch” flow, he seeks profit in every policy decision he makes. As Jonathan Rauch explained, in patrimonialism, every policy the president values is considered his own personal property. Some experts call it ‘pay-to-play,’ where foreign governments, businesses, and wealthy donors gaining political and financial advantages such as relaxed regulations and federal contracts by investing in the Trump Organization, supporting MAGA causes or by engaging in excessive flattery. 

Trump Towers have been proposed from Damascus to Belgrade. Trump hotels or Trump Resorts are being built in many major cities around the world, primarily in Asia and Africa. As Amy Sorkin puts it Trump has made it clear that no gift is too much for him -even, and maybe especially, someone else’s Nobel Peace Prize medal.

Even presidential pardon power has become big business. In his first-year Trump has pardoned an unusually high numberof wealthy people accused of financial crimes, including money laundering, bank fraud and wire fraud. Wealthy individuals pay millions to lobbying and consulting firms to bring their cases to Trump’s attention. 

Trump pardoned cryptocurrency mogul Changpeng Zhao, months after Zhao’s company has struck a $2 billions deal with World Liberty Financial, the Trump family’s new crypto venture. In another revealing example, executives of Wells Fargo Bank, instead of paying the $8.5 million fine imposed for fraudulent transactions, donated $1 million to Trump’s inauguration ceremony in January, and two months later, their fine was reduced to a mere $150,000. 

In Trump’s World, Europe Is the Villain 

“The foreign policy of President Donald Trump combines the worst of isolationism with the worst of interventionism in a uniquely disastrous way,” says Thomas Reese. He began his presidency as a firm isolationist, but “America First” quickly turned into a wrecking ball -a license to upend America’s role in the world, discarding rules and norms with little restraint. 

“I never thought I’d feel nostalgia for the Iraq War,” said Nesrine Malik in The Guardian, but it turns out that the runup to that war, when American Administration did at least strive to convince the Congress and the world of the righteousness of its cause, was the “good old days.” The US removed Venezuela leader Nicolas Maduro based solely on national interest, bypassing all domestic, international authorization or public consent. Trump didn’t just break the rules it showed there aren’t any. 

“No autocrat likes to see one of their own seized, shackled and renditioned,” wrote Adrian Blomfield in The Daily Telegraph. However, China and Russia are unlikely to be troubled by Maduro’s removal. They may see it as evidence of the US stepping back globally and focusing on regional dominance. A world divided into spheres of influence, where powerful states act freely, could benefit Moscow and Beijing, as noted by Gideon Rachman in the FT.

Even Trump administration’s new National Security Strategy (NSS) plan within its 33-page framework argues that Russia and China are US peers or potential friends. Instead, it points the finger at a surprising villain: Europe. NSS argues that the real danger isn’t Russian tanks or Chinese factories, but rather the “erasure” of European culture caused by mass immigration and the power of the European Union bureaucracy. The liberal international order, already fragile, found itself mocked not only by adversaries but by its former custodian. 

New Civil War and End of Forth Republic?

“Trump isn’t interested in fighting a new Cold War. He wants a new civilizational war,” wrote Thomas Friedman. Trump’s National Security Strategy language unlike any previous surveys, he observes, “It reveals a deep truth about this second Trump administration: how much it came to Washington to fight America’s third civil war, not to fight the West’s new cold war.” According to Friedman, after the Civil War of the 1860s and the second major civil struggle of the 1960s civil rights movement, America is now experiencing its third civil war. “This one, like the first two, is over the question ‘Whose country is this anyway?’ This civil war has been less violent than the first two—but it is early.”

Although the United States has operated under a single constitution, each civil war has produced a new political order, a new republic in all but name. For that reason, a “third civil war” would not just be another crisis; it would signal the end of what some analysts call the “Fourth American Republic.” 

As Jamelle Bouie pointed, the Civil War and its aftermath constituted the Second Republic. The Third Republic came into this world through the overwhelming victory of the Democrats in the election of early 1930’s. The legacies of the Third Republic had lived on when the fourth republic began with the achievements of the 1960’s Civil Rights Movement, which included a newly open door to the world. “This was an American republic built on multiracial pluralism. A nation of natives and of immigrants from around the world. Of political parties that strove to represent a diverse cross-section of society,” wrote Bouie, “It’s this America that they’re fighting to destroy with their attacks on immigration, civil rights laws, higher education and the very notion of a pluralistic society of equals.” 

A Year of Revelation

The first year of Trump’s second term offered Americans not greatness, but clarity. It showed what happens when empty and noisy demagogic rhetoric substitutes for vision and when power outruns principles. His return to power did not resolve the contradictions of Trumpism; it intensified them. Nationalism that depended on global markets. Capitalism claims to be self-regulating, yet in reality it is owned by the state. Law invoked as rhetoric and rejected as restraint. Freedom of speech demanded abroad and denied at home. Declared himself ‘Peace President’ and change the Department of the Defense name to Department of War. 

His supporters too—with their enduring appetite for loud certainty over quiet competence, find themselves caught in a season of paradox. Cheering the dismantling of the very institutions that once established the order they now claim to want again. They back tariffs, immigration, and social spending policies that heavily impact rural America, the backbone of their movement. And most ironically, this coalition of white Christians is led by one of the least religious presidents ever.

And yet, for all the noise he and his administration generate, the first year of his second term also revealed limits. Courts still blocked some actions. States resisted others. Markets reacted unpredictably. Bureaucracies slowed what they could not stop. Polls indicate declining support for him as the Congressional elections approach. Trump raged against these constraints, calling them sabotage, yet their persistence revealed an uncomfortable truth: even an “unbound president” cannot easily escape the structure of a constitutional federal system. 

Even in the face of repeated failures to “make America great again,” Trump succeeded at making one thing undeniably great again. It was not the greatness of law, restraint, economy, international leadership or wisdom, but the greatness of spectacle. A spectacle of American tragedy, one that may not have a happy ending this time. 


 

(*) Cemal Tunçdemir is a New York–based veteran journalist with extensive experience covering US politics and international affairs.

Professor Daniel Treisman is a Professor of Political Science at the University of California, Los Angeles, and Research Associate at the National Bureau of Economic Research.

Professor Treisman: Trump’s Push for Executive Aggrandizement Puts Democratic Resilience to the Test

In this ECPS interview, Professor Daniel Treisman examines how Trump’s political style intersects with the logic of informational autocracy and democratic backsliding. Drawing on “Informational Autocracy,” he argues that contemporary authoritarianism often relies less on mass repression than on “controlling narratives, selective coercion, and performance legitimacy.” Trump’s pressure on comedians, broadcasters, universities, and law firms, Professor Treisman suggests, reflects a familiar “inclination” toward intimidation—yet “the outcome was different,” because democratic institutions can still generate pushback. The core issue, he stresses, is whether US checks and civil society can withstand “executive aggrandizement”—the drive to “go beyond the formal or traditional powers of the office and consolidate control.” 

Interview by Selcuk Gultasli

In an era marked by democratic backsliding, populist leadership, and the reconfiguration of informational power, the resilience of liberal democracy has become a central concern for scholars and policymakers alike. In this wide-ranging interview with the European Center for Populism Studies (ECPS), Professor Daniel Treisman—Professor of Political Science at the University of California, Los Angeles, and Research Associate at the National Bureau of Economic Research—offers a nuanced and empirically grounded assessment of how Donald Trump’s political strategy intersects with the logic of informational autocracy, executive aggrandizement, and democratic fragility.

Drawing on his influential work Informational Autocracy (co-authored with Sergei Guriev), Professor Treisman situates Trump’s threats against comedians, journalists, universities, and other institutional actors within a broader global pattern in which contemporary autocrats rely less on mass repression than on “controlling narratives, selective coercion, and performance legitimacy.” While Trump’s behavior often resembles that of informational autocrats, Professor Treisman emphasizes a crucial distinction: “So, while the inclination is similar, the outcome was different.” Episodes such as the pressure placed on late-night comedian Jimmy Kimmel reveal Trump’s “tendency to expand his power and to overstep traditional limits,” but also the continued—if uneven—capacity of democratic institutions and civil society to push back.

At the core of the interview lies a central analytical question: whether Trump’s conduct represents a failed or incomplete attempt to translate informational autocracy into a still-competitive democratic system. As Professor Treisman puts it, “The real question… is how resilient democratic societies and civil societies in democratic settings can prove to be in response to a leader who seeks what is often called executive aggrandizement.” This concern animates Professor Treisman’s discussion of selective intimidation, signaling repression, and the targeting of elite institutions—strategies designed to “score some visible victories” and deter broader resistance without resorting to outright censorship.

The interview also explores how new media ecosystems and the rise of a tech “broligarchy” complicate classical models of informational control. Professor Treisman highlights the hybrid arrangements created by platform ownership, algorithmic amplification, and strategic alignment between populist leaders and tech elites, noting that these dynamics allow political actors to undermine epistemic authority “without overt censorship.” While Trump has aggressively pressured legacy media through litigation and regulatory threats, his relationship with major technology firms remains more transactional and indirect—distinct from the tightly coordinated media control characteristic of full informational autocracies.

Beyond the US case, Professor Treisman offers comparative insights into charismatic populism in Latin America, bureaucratized authoritarianism in Russia and Hungary, and the structural uncertainties surrounding democratic decline. Reflecting on Democracy by Mistake, he cautions against deterministic readings of democratic erosion, stressing that “mistakes can be forces for good” as well as for authoritarian empowerment. In closing, Professor Treisman urges analytical humility: distinguishing between cyclical stress and durable authoritarian transformation, he argues, remains inherently uncertain, as history “does not come with labels that are easy to read.”

Taken together, this interview provides a sober, theoretically informed reflection on Trumpism, informational power, and the fragile boundaries between democratic contestation and authoritarian drift.

Here is the edited transcript of our interview with Professor Daniel Treisman, slightly revised for clarity and flow.

Trump Has Shown Every Inclination of Informational Autocrats

US President Donald Trump held a campaign rally at PPG Paints Arena in Pittsburgh, Pennsylvania, on November 4, 2024. Photo: Chip Somodevilla.[/caption]

Professor Daniel Treisman, thank you so much for joining our interview series. Let me start right away with the first question: In “Informational Autocracy,” you argue that contemporary autocrats rely less on overt repression and more on controlling narratives, selective coercion, and performance legitimacy. How should we analytically situate Trump’s recent threats against broadcasters and comedians within this framework—are we observing an attempted translation of informational autocracy into a still-competitive democratic setting?

Professor Daniel Treisman: It’s very interesting to think about the various tactics and approaches that Trump has used and to compare them with the kinds of practices we see in informational autocracies. Clearly, there are many parallels, and a great deal looks very familiar.

For instance, in the early 2000s in Russia, President Putin was offended by a comedy show that portrayed him in an unflattering light. It was a satirical program called Kukly. He made it apparent to the authorities at that station that the show had to be canceled, and it was indeed canceled.

You mentioned Trump and comedy in the US, and we know about the recent Jimmy Kimmel case. What is interesting is that, on the surface, the situation looks very similar. Trump was offended by jokes Kimmel had been telling on his show, and he made it clear to the owners of the station that he thought Kimmel should be canceled. The head of the FCC (Federal Communications Commission) then put pressure on the channel.

The outcome, however, was different. Kimmel was taken off the air for a few days—about a week—and then reinstated. He returned very forcefully, speaking about freedom and the need for separation between government and television.

So, while the inclination is similar, the outcome was different. We often see in Trump a tendency to expand his power and to overstep traditional limits. The real question, for me, is how resilient democratic societies and civil societies in democratic settings can prove to be in response to a leader who seeks what is often called executive aggrandizement—going beyond the formal or traditional powers of the office and consolidating control in his own hands. This is precisely the process that characterizes democratic backsliding toward informational autocracy.

In that sense, this episode illustrates how Trump has shown every inclination to do the sorts of things that informational autocrats do, and if he were free to do so, I am sure he would move toward a more authoritarian or informationally autocratic setup. So far, however, we have seen a considerable degree of pushback and resilience on the part of American societal and democratic structures—through checks and balances and other mechanisms.

That said, it has been disappointing that we have not seen more resistance. The docility of Congress under Republican leadership and the questionable judgments of some courts have been troubling for those who view the White House’s attacks on the media, universities, and subnational governments as real threats to democracy. Those developments are certainly discouraging.

Nevertheless, across the board, we continue to see significant resistance, and that is what truly distinguishes full-fledged informational autocracies from developed democracies that manage to survive as democracies. It is not that democracies never produce populist politicians who want to push in an authoritarian direction—they do. These are politicians with authoritarian impulses, sometimes driven by narcissism or by a highly cynical political strategy. What ultimately varies is how far they are able to go.

Trump Is a Populist Proud of Defying Democratic Norms

Much of your work emphasizes that informational autocrats avoid crossing visible “red lines” that would trigger mass backlash. Does Trump’s increasingly explicit intimidation of the media suggest either miscalculation or a belief that democratic norms of speech protection have already eroded enough to absorb such shocks?

Professor Daniel Treisman: That’s a very good question, and it’s difficult to give a simple answer. I think there is sometimes an element of miscalculation. But let me step back for a moment—it’s not entirely clear that this is miscalculation, because we don’t fully understand what Trump’s strategy is.

In some ways, as I’ve said, he looks quite similar to various informational autocrats in authoritarian societies. But in other ways, he is quite different. As you noted, informational autocrats typically try not to appear overtly to be transgressing the rules of democracy. They present themselves as genuine, loyal democrats. They claim to follow constitutional procedures, often using legalistic language, and they frame their power grabs as legitimate exercises of authority for ostensibly valid purposes, such as protecting the public from pornography, terrorism, or similar threats.

The goal of genuine informational autocrats is not to challenge the system openly, but to create the impression that they are operating fully within democratic rules, while accusing their opponents of being undemocratic. They seek to project an image of competence, benevolence, and modernity, and to portray critics as those who threaten democracy.

There is an element of this in Trump’s behavior. He certainly accuses Democrats of being undemocratic. But there is also a distinct bravado—a deliberate defiance of democratic rules and norms. He openly states that when he pushes the Justice Department to investigate his critics and rivals, he is motivated by a desire for retribution. He rejects the idea of impartial justice and openly embraces the politicization of the justice system. In doing so, he often deliberately says things that are meant to provoke outrage and that are clearly undemocratic.

In this sense, he is not an authoritarian pretending to be a democrat. He is a populist politician who is, in some respects, openly proud of being undemocratic. He might argue that this is still democratic because his base supports him—and indeed, he does say that. But he also claims that there are no checks and balances, that the only constraint on him is his own morality, which amounts to a direct denial of the democratic system rather than a pretense of adherence to it.

So, it is difficult to determine whether this behavior reflects miscalculation or is simply part of his strategy, and whether he differs in this respect from informational autocrats. He appears to recognize that he is operating within a democratic system with a powerful civil society and has chosen to confront it directly and test its limits, rather than behaving like informational autocrats such as Orbán or early Putin, who presented themselves as ordinary democratic leaders supported by the majority while depicting their opponents as extremists seeking to undermine or overthrow democracy.

The Strategy Is to Score Visible Victories That Intimidate Others

Donald Trump delivers a victory speech after his big win in the Nevada caucus at Treasure Island Hotel & Casino, flanked by his sons Eric (right) and Donald Jr. (left) in Las Vegas, NV. Photo: oe Sohm.

Informational autocracies often rely on signaling repression—making examples rather than governing through mass coercion. How should we interpret Trump’s selective targeting of journalists, broadcasters, and universities in this light?

Professor Daniel Treisman: Well, it’s not just Trump, of course. This time he came in with a team that had thought carefully about how to attack various institutions in American society that they deeply opposed, including universities, law firms, some courts, and various subnational governments. The goal was quite directly to weaken those parts of what they viewed as a dominant political and cultural elite.

In part, yes, the strategy was to score some visible victories that would intimidate other members of a particular sector. So, you go after one university—like Columbia—very hard, essentially intimidating it into doing a deal, and then all the other universities would cave and negotiate individually with the Department of Education or the White House. There is an element here of signaling toughness, of attempting intimidation on a kind of wholesale scale.

That is quite similar to informational autocracies. There is less, as I mentioned earlier, of a concern with constraining actions to fit the appearance of democracy and normal democratic politics. Instead, there is a deliberate challenge—within the US context—to many of the legal underpinnings and long-standing understandings of the relationship between the presidency and other institutions, some of which have prevailed for decades or even centuries.

That said, this behavior is not entirely distinctive to authoritarian politics. All politicians try to signal their intentions by demonstrating, through particular cases, what their approach will be. What is distinctive here is that the goals of the Trump administration regarding universities and law firms have been very extreme. Essentially, they want greater control and a particular ideological orientation within universities, and they want to exclude intellectual approaches and philosophies they oppose.

With law firms, the aim is to discourage large, professional firms from opposing them or taking cases against them. That message was sent deliberately, through a barrage of attacks on different fronts very quickly during the first weeks and months of the administration, precisely in order to signal resolve and warn others.

So, in some respects, this does resemble informational autocracy. But it is also part of a broader phenomenon. Revolutionary politicians—or politicians seeking to implement fundamental changes—often come into office with a program and strike very hard at the outset to test how far they can go before resistance organizes and pushes back. Sometimes this is an effective strategy: if the initial blow is strong enough, opposition may fail to organize in time, allowing a new status quo to take hold.

Tech Billionaires Are Treated as Leverage Points

How does the rise of a tech “broligarchy”—with key digital venues controlled by figures such as Elon Musk, Mark Zuckerberg, and Jeff Bezos—complicate the classic logic of informational control? How do platform ownership, algorithmic governance, and strategic collaboration with populist leaders such as Donald Trump reshape the dynamics of informational autocracy? To what extent do these hybrid arrangements—combining formal pluralism with asymmetric visibility and amplification—enable populist actors to undermine epistemic authority and institutional trust without resorting to overt censorship?

Professor Daniel Treisman: That’s a great—and complicated—question. I think both informational autocracy and populism are closely tied to information and media. They tend to thrive in periods of technological change, when new media forms emerge.

In the early days of mass newspapers, for instance, that medium created new opportunities for populists to appeal to broader constituencies than had previously been mobilized in politics. We see something similar with the internet. As it became more developed and central to everyday life, it opened up new avenues for outsiders to engage in a different kind of politics. In democracies, this has been a major foundation of the recent populist wave.

In authoritarian contexts, similar opportunities have allowed authoritarian leaders to use the internet to communicate in new ways and to present themselves as democratic and competent through manipulation—much more effectively than old-style propaganda, which relied heavily on intimidation but was less successful in creating a convincing, all-encompassing political image. In this sense, new information technologies have reshaped not only perceptions of individual politicians but also broader understandings of the political system itself.

New information technology is therefore a central driver of the changes we are seeing in both democratic and authoritarian systems. In the American case, more specifically, the relationship between Trump and major technology firms—led by tech billionaires such as Elon Musk, Mark Zuckerberg, and others—is complex.

Going into Trump’s second term, there was something of a meeting of the minds between Silicon Valley and the Trump team. Many in the tech sector felt that the industry—and tech billionaires personally—had been mistreated by the Biden administration, citing what they perceived as hostility, attempts to censor right-wing or libertarian views, overregulation, and even the debanking of entrepreneurs involved in new areas such as cryptocurrency. This generated real antagonism toward the Democrats among parts of Silicon Valley, aligning well with the attitudes and plans of the Trump camp.

This was particularly evident in the case of Elon Musk, who was effectively given carte blanche to move aggressively against the federal bureaucracy and dismantle large parts of the government in a short period of time. At the same time, there have also been tensions—if not open confrontations—between the Trump administration and some tech leaders. Still, many of them appear to perceive shared opportunities.

Although Musk is no longer in the administration and clearly disagrees with Trump on certain issues, such as fiscal policy, he—and many other tech billionaires—continue to see opportunities in the current political environment. Not all, of course; some remain aligned with the Democrats. But many hold libertarian views and see Trump as more receptive to their ideas about technological development, the treatment of billionaires, and the balance between regulation and freedom.

The Trump administration has also actively sought to influence the media environment, particularly legacy media, by pressuring the owners of major networks. In ways reminiscent of informational autocracies, Trump has relied on defamation suits, libel actions, and other legal tools to intimidate and pressure media organizations.

With social media, however, the approach has been more indirect. Trump created his own social network and has shown little interest in directly regulating platforms such as X or Facebook. Instead, he treats tech billionaires much like other wealthy actors—as leverage points. If he wants something, he applies pressure, and as long as his demands are not too costly, they tend to comply. There is little incentive for them to engage in open confrontation.

That said, this does not amount to the kind of comprehensive, day-to-day control characteristic of full informational autocracies, where authorities maintain close, behind-the-scenes relationships with most media outlets and allow only marginal opposition voices without real influence or mass reach.

In short, the parallel between Trump and informational autocrats in this domain—much like in others—is imperfect. Some features are strikingly reminiscent of informational autocracy, while others differ substantially. These differences reflect both contextual factors—such as the scale and global reach of US-based technology companies compared to media in smaller authoritarian states—and Trump’s own distinctive political style.

Caricature: Shutterstock.

Pluralism Survives, but the Playing Field Is Tilted

You and Sergei Guriev stress that modern autocrats seek to preserve the appearance of pluralism while hollowing it out. To what extent do Trump’s regulatory threats and litigation strategies resemble this logic of simulated legality rather than outright censorship?

Professor Daniel Treisman: I don’t think there is outright censorship. I don’t see outright censorship. It is much more a matter of trying to persuade—trying to send signals to the media to tone down criticism—or, as I mentioned, of confronting them with defamation suits or costly regulatory interference.

So, I think pluralism does exist; we do see pluralism in the United States. At the same time, there are constant efforts to tilt the playing field. Many of these efforts are not new. Republicans in the US political system have been doing this for a very long time—and not just Republicans; Democrats often use similar tools—to gain small, localized advantages, or sometimes larger ones, through practices such as gerrymandering or by refining voting laws in ways they believe will favor them.

All of that is, sadly, part of the American political tradition. Trump has often turbocharged this kind of behavior, as in the Texas mid-decade gerrymandering of congressional constituencies, but it is not radically new.

So, pluralism survives. There are efforts to win within a pluralist context, and there are also efforts to intimidate the opposition in this Trumpian, rather anarchic and blatant way. But I do not see real censorship or the kind of cohesive system we find in fully developed informational autocracies.

It is much more anarchic. Who knows how things will develop? Nobody can predict the future, but at present, it looks rather different to me.

Mistakes Are Easier to See in Retrospect

In “Democracy by Mistake,” you highlight how democracy often emerges—and collapses—not through design but through elite error. Looking at the US today, which elite misjudgments (judicial restraint, partisan polarization, media fragmentation) most plausibly explain the vulnerability of democratic guardrails?

Professor Daniel Treisman: In the US, we don’t really know. We don’t yet know whether what we are witnessing is an intense challenge to the democratic system—one that the forces of democracy will ultimately defeat—or whether we are observing a more gradual, long-term erosion in the quality of American democracy. For now, we have to reserve judgment.

Mistakes are much easier to identify in retrospect than as they are happening. One could argue that Trump has made many mistakes, and one could equally argue that leaders of democratic forces in the US have made many mistakes as well. Mistakes are universal and ubiquitous. Not all mistakes lead to the collapse of a regime—far from it.

For that reason, it is difficult to look at the US system and identify a single fateful mistake whose consequences we will clearly see five years from now. The main message of that article, for the current situation is this: we should not assume that everything is rational or part of a carefully crafted plan. Mistakes can be forces for good when they contribute to the failure of anti-democratic politicians and regimes. But mistakes can also be forces for harm when they enable or empower authoritarian actors.

Trump Fits the Family of Charismatic Populists

This editorial image, captured in Belgrade, Serbia, showcases an array of novelty socks featuring the likenesses of Vladimir Putin, Aleksandr Lukashenko, Viktor Orban, and Donald Trump in Belgrade, Serbia on December 12, 2024. Photo: Jerome Cid.

Comparatively, how should we distinguish Trump’s personalization of power from Latin American charismatic populism (e.g., Chávez) and from the more bureaucratized authoritarianism of leaders like Putin or Orbán?

Professor Daniel Treisman: Clearly, Trump isn’t very good at bureaucracy. There are some people in his administration who do bureaucracy well—Russell Vought, head of the Office of Management and Budget, for example—and that is why they have had a greater impact on the federal bureaucracy than in Trump’s first term. But as an individual, Trump is clearly not a very systematic bureaucratic operator.

In that respect, he is more like charismatic populists. Putin does not have this kind of anarchic character, and Orbán is also much more systematic and skilled in statecraft and bureaucratic politics—although, of course, Orbán is also an effective populist and could be described by some as charismatic.

With regard to Chávez and other Latin American populists, Trump is obviously not quite like the left-wing populists of Latin America. Chávez had a revolutionary, Bolivarian discourse and a semi-Marxist worldview, and he maintained close emotional and political ties with other left-wing administrations across Latin America and Central America. That is quite different from Trump. Trump, after all, arrested the leader of the regime that evolved out of Chávez’s rule.

That said, there are right-wing populists in Latin America as well—Bolsonaro, for example—who are much more similar to Trump. Although Bolsonaro has more of a military background, in terms of personality and political approach Trump is closer to that type. Even when compared with left-wing populists like Chávez, Trump shares the fact that he is a populist who appeals—at least rhetorically, if not always through policy—to the masses of ordinary people whom he claims have been neglected and disrespected. That was also a central part of Chávez’s appeal.

So, I would say that Trump is distinctive in many ways, but he also clearly fits within the broader family of charismatic populists.

History Does Not Come with Labels

Finally, drawing on your work on predictability and early warning, which indicators should scholars prioritize to distinguish between episodic democratic stress and the onset of durable authoritarian transformation?

Professor Daniel Treisman: I should say at the outset that my work on predictability and prediction is quite limited, but I have been thinking about what is a philosophically deep question: the difference between trends and cycles. And I think the basic answer is that there is no definitive answer. You cannot know whether what appears to be changing at a particular moment represents a shift in the underlying trend—a breakpoint toward a new trajectory—or merely a cyclical fluctuation.

We see this across many spheres. If we look at the spread of democracy over the past 200 to 250 years—focusing here on the West, on Europe and the Americas—we observe both a very strong upward trajectory, from almost no democracies (depending, of course, on how one defines democracy) to a much larger number of countries that can be considered at least electoral democracies.

At the same time, we have seen waves: periods in which the share of democracies increases, followed by periods in which it declines or at least plateaus. In each of these moments of cyclical slowdown or reversal, people have proclaimed, “This is the end of democracy.” In every reverse wave, there has been fear that what we were witnessing was not just a cycle but a permanent shift away from democracy as a long-term reality. So far, those fears have been proven wrong in each case.

That said, I do not think there is any particular indicator or observational technique that can reliably tell us whether a change will be permanent or temporary. This reflects a deep feature of the world we live in and of our ability to understand history from within, rather than in retrospect. Looking backward, it is easy to apply statistical tests or analytical frameworks to determine whether a change was cyclical or represented a trend shift—it is almost trivial. But as history unfolds, I do not think there is any way to know for sure whether we are seeing something genuinely new or something that is repeating in a familiar pattern.

Different scholars have developed different mental models of the world, emphasizing one perspective or the other. Some believe in progress; others emphasize stagnation or endless repetition. This tension has run through Western philosophy and social science from the very beginning. My own position is to emphasize the high degree of uncertainty involved, and to push back against claims that we can clearly identify a change in the trend when it may well be a change in the cycle.

This is why I have written critically about responses to what some describe as a democratic recession, or even a reverse wave of democracy, in recent years. I think the evidence has not—or at least has not yet—fully supported such claims. There is growing evidence of a slowdown in the rate of democratic advance, and probably some degree of average backsliding. But there is an important distinction between backsliding and the long-term collapse of democracy.

So, we all need to remain attentive to this distinction and recognize that events, as they unfold, do not come with easily readable labels. We should have some respect for long-term trends, without assuming that they will automatically continue. There does seem to be a certain structural logic at work in many domains. The same is true of the stock market: there are both trends and cycles, and it is impossible to know on any given day whether a sharp drop is cyclical or part of a new trend. As we know, people have made—and lost—trillions of dollars betting on precisely that distinction.