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It is not true to say that all leading economists were in favour of Remain, a small minority held the alternative view. But the UK electorate surely voted "Leave" in the knowledge that it was rejecting the view held by most experts.

Wikipedia defines populism as the idea that: “Virtuous citizens are being mistreated by a small circle of elites, who can be overthrown if the people recognise the danger and work together. The elites are depicted as trampling in illegitimate fashion upon the rights, values, and voice of the legitimate people.”

By contrast, the Cambridge dictionary defines it as "political ideas and activities that are intended to get the support of ordinary people and give them what they want."

There can be little doubt that the EU referendum was a victory for populism. But which definition best describes what happened?

It is clear that many Brexit campaigners did indeed criticise this elite, even though some of them do appear to be members of this circle themselves.

But populism doesn't have a good track record. You can rewind its history back to the days of Ancient Greece, when, in democratic Athens, all free male citizens were required by law to vote on all major decisions. But this extreme form of democracy resulted in Athens adopting a tyrannical attitude towards other states, and one populist politician, Alcibiades, persuaded his city to engage in an aggressive act in Sicily, that inexorably led to an un-winnable war against Sparta.

The history of populism since has not, on the whole, generated positive results. Consider the collapse in the Argentinian economy, that was once so successful people used to say "as rich as an Argentine."

And on this theme, Margaret Thatcher said "referendums were the “devices of dictators and demigods."

Maybe this time around we will see the exception. Maybe, the experts at the IMF, the OECD, NIESR, IFS and Bank of England were wrong and the 52% of the electorate who voted leave were right.

It is to be hoped, not only for the UK, but actually for the global economy, that this time the experts were wrong, and the cause of populism will prove right.

By Michael Baxter, economics blogger