Populist upheaval supporters have only themselves to blame

London

THE febrile behaviour of financial markets ahead of the UK's referendum on June 23 on whether to remain in the European Union shows that the outcome will influence economic and political conditions around the world far more profoundly than Britain's roughly 2.4 per cent share of global GDP (gross domestic product) might suggest. There are three reasons for this outsize impact.

First, the "Brexit" referendum is part of a global phenomenon: Populist revolts against established political parties, predominantly by older, poorer, or less-educated voters angry enough to tear down existing institutions and defy "establishment" politicians and economists. Indeed, the demographic profile of potential Brexit voters is strikingly similar to that of American supporters of Donald Trump and French adherents of the National Front.