Are the political upheavals of 2016 — Brexit and America’s election of Donald Trump — a triumph of democracy or a threat to it? Democracies must respond to legitimate grievances. Indeed, their ability to do so peacefully is among their strengths. But the demagogue’s exploitation of such grievances threatens democracy. This has happened elsewhere. It would be foolish to assume western democracies are immune.

In 2016, fear and anger became dominant political emotions in the UK and the US — two of the most important,

stable and enduring democracies. The fear was over downward mobility and cultural changes; the anger was against immigrants and indifferent elites. They came together in resurgent nationalism and xenophobia. Some Brexiters and Republicans believe in the ideal of absolutely free markets. But that idea did not bring Brexit to the UK or Mr Trump to Washington. The emotions were far more visceral and less attractive.