The idea of a “new middle” or “third way”—a blend of neo-liberal economic doctrines and social policies that was supposed to overcome the dichotomy between mixed economy and free market paradigms—more or less dominated U.S. and European politics for the last two decades. But today, this centrist consensus has been upended by a wave of populist, nationalist parties. Many have won over their electorates by questioning the benefits of free trade and globalization (as well as the international institutions that espouse them), while pursuing expansionary domestic economic policies.