Populism on pause, not in retreat

Yesterday’s conventional wisdom: A wave of insurgent populism is sweeping the West, threatening its foundational institutions — the European Union, the Western alliance, even liberal democracy itself.
Today’s conventional wisdom (post-first-round French presidential election): The populist wave has crested, soon to abate.
Chances are that both verdicts are wrong. The anti-establishment sentiment that gave us Brexit, then Donald Trump, then seemed poised to give us Marine Le Pen