Does Trump's defeat in US elections signal the start of populism's decline?

Populist leaders may have lost their most prominent champion, but their economic, social and political grievances remain potent

When Hungary’s populist prime minister, Viktor Orban, joined a parade of foreign leaders in congratulating President-elect Joe Biden this week, he conspicuously failed to note that Mr. Biden had actually beaten his friend, President Trump.

Like other right-wing populists, from Britain and Brazil to Poland and Germany, Mr. Orban was still coming to grips with the defeat of populism’s flamboyant standard-bearer in the White House. The Hungarian leader acknowledged that a victory by Mr. Trump was his “Plan A.” There wasn’t really a Plan B.

While Mr. Trump’s defeat is a stinging blow to his populist allies, its consequences for populism as