Varieties of populism

Abstract Research Summary The recent electoral popularity of populism suggests our understanding of global and domestic institutions and their impact and relevance to international business may require adjustment. In particular, the literature may be omitting key variables as to what the political environment entails. We propose a framework for understanding the differing varieties of populism. We examine what channels populist thought operates through and how various strains of populism concentrate on different facets of society. We articulate an operational definition for international strategy based upon prior research in economics, political science, and history. This framework is incorporated into current research on institutional theory as applied in international business, with the goal of proposing a more nuanced and foundational view of institutional environments and how they impact global strategy. Managerial Summary The surge of populism globally—but especially in developed economies—has highlighted new perils for business strategy. Our current models of strategic thinking have not yet caught up to the reality of populism's moment, nor have they accurately captured what are increasingly important facets of a political system, such as traits of specific leaders. This paper examines the need to incorporate new perspectives on institutions into global strategy. In particular, we highlight the various varieties of populism—whether it focuses on economic, social, or political ends—and how each approach can impact a business in a different manner. In doing so, we provide some clarity and guidance for managers faced with political turbulence.