Final answer:
Populism is a political ideology centered on empowering regular people over political elites. The Populist Party, formed in the 1890s, sought to address issues facing farmers and workers, advocating for bimetallism among other reforms.
Step-by-step explanation:
Understanding Populism and the Populist Movement
Populism is a political ideology that believes in the power of regular people having control over their government, as opposed to a small group of political insiders or a wealthy elite. In the United States, populism has often been associated with movements seeking to reduce the power of perceived elites, such as railway owners and financial policymakers. From the late 19th to the mid-20th century, populism in the U.S. leaned towards the left of the political spectrum, though European populism can vary between the political left and right.
The Granger movement and later the Populist Party, amplified in the 1890s, aimed to address the hardships of farmers and the working class. Their platform included the demand for a graduated income tax, single terms for the President, an eight-hour workday, direct election of U.S. Senators, and loan programs to aid farmers. A core element of their economic policy was bimetallism, the use of both gold and silver as a basis for currency, which they believed would help increase the money supply and benefit farmers and other workers.
Populism also encompasses conservative perspectives, but regardless of its political leanings, it promises individuals a political voice in a system they perceive to be dominated by elites. This often involves targeting the masses with emotional appeals and can lead to challenges for democratic systems, potentially opening the door to demagogic leadership.