The rise of populism and the weakening of democracy have captured attention across advanced industrial societies, particularly among liberal elites on the centre left. How could voters elect politicians who undermine the provision of social services, chip away at the rule of law, coopt or constrain the free media, and at times even threaten to bankrupt the state? How could they reward or even tolerate those leaders for engaging in overt acts of corruption while at the same time preventing any plausible alternative or opposition group from holding them to account through free and fair elections? Sure, people may feel they got a bad deal from globalization, and they may resent the pretensions – both cultural and intellectual – of an overly educated, out-of-touch elite. A little outrage and protest seem appropriate to gain attention. But why are they turning against the institutions that were created to serve advanced industrial societies, from the smallest local authority through the welfare state to the rules-based multilateral system?