CFR (Originally published at Bloomberg)
A year ago, Latin American nations and their bevy of pragmatic, market-friendly, middle-of-the-road presidents stood out from some of their OECD counterparts. Eight presidential races later, the region looks less exceptional. Populism has returned to its historic home. Yet this time injustice, not economic class, turned voters against the political establishment, elevating outsiders who have threatened to undermine democratic norms.