Populism vs Democracy

Nassim Taleb asks a question:

I am still looking for someone to give a rigorous explanation/explanation of difference between populism & democracy. Nothing yet.

My response:

  • Democracy: liberal-imposed structural limits on the will of the people. 
  • Populism: when the will of the people exceeds those limits.
This applies to the real-world definitions of the concepts observed, not the dictionary definitions of the conceptual ideals, of course.

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