The First Wave of Globalization and the Electoral Populism in the United States

Abstract

This paper examines the relationship between globalization and electoral populism in the United States from 1870 to 1909. The first wave of globalization, characterized by declining transportation costs and increased international trade, created economic winners and losers. We find that counties with greater market access, a proxy for integration into global markets, exhibited significantly higher support for populist parties across presidential, House, and gubernatorial elections. We show that rising market access increased farmers' exposure to global price volatility, lowered the value of their crop portfolios, and led to lower domestic prices relative to major foreign markets. These findings underscore the historical roots of the globalization-populism nexus and emphasize the enduring nature of economic grievances in fueling populist sentiment.