Nowadays, you hear the word "populist" used quite a bit in the United States.
This should come as no surprise. Each day brings more unpleasant headlines about the state of the economy in the U.S. As conditions worsen, popular resentments toward the wealthy bubble to the surface.
You hear it all the time. Auto executives are slammed for taking trips to Washington, D.C., aboard their lavish jets. Significant chunks of multibillion-dollar bailouts are lining the pockets of the rich. Meantime, houses are being foreclosed all over, and jobs are disappearing at an alarming rate.
The latest wave of "populist rage" has been directed at the American International Group or AIG, a huge American insurance corporation. When AIG recently announced it was paying out $165 million in bonuses to retain its valued employees, the public outcry was deafening.
Congressional hearings are underway to figure out how bailout money is being spent. President Barack Obama tells crowds of outraged citizens that he, too, is angry. Jon Stewart has become something of a folk hero for taking on the host of CNBC's Mad Money, Jim Cramer, over his lousy financial advice. And one newscaster after another - on Fox, on CNN, on CBC Newsworld, on BBC - speaks of a "populist revolt" in America.
There's only one thing missing: Protests.
As Howard Zinn, the leftist historian who wrote A People's History of the United States, pointed out: "We're not seeing mass demonstrations. We are seeing individuals expressing anger, but it is not taking the form of organized protests."
He's right. So far, all the talk of populist anger has not translated into action. This contrasts with earlier economic downturns in American history, particularly the 1890s and 1930s, when populist upheavals triggered open clashes in the streets.
Why? Where are today's protests?
Reasons for the lack of militancy are complex. While the economy has been souring for a while now, the worst of the crisis began very recently, in the fall. Americans are still very much in the wait-and-see stage.
Obama continues to enjoy widespread support. Despite his declining poll numbers, the honeymoon persists. People are giving him a chance. And so far, he has backed economic stimulus packages that are unprecedented in cost and scope.
A lot of public discontent has been directed against years of Republican policies, which favoured the wealthy at the expense of everybody else. That's one of the reasons the reputation of the Republican party is now in the toilet (and the party isn't helped by a lack of effective leaders). Meantime, hopes are high that the Democrats can salvage the mess.
There's another reason why people aren't taking their anger to the streets. Most Americans reject a truly critical view of capitalism. Populism is OK, as long as it doesn't seek to understand the structural inequities that come with private enterprise.
People, for the most part, don't want to talk about social class. They don't want to probe the deeper questions about why so few have so much wealth, while so many are struggling.
Nobody wants to be labelled a Marxist. But if Americans - and the rest of us who are coping with the recession - have any hope of understanding the larger forces at work in the economy, it's time to take the sort of hard, critical look at capitalism that went out of vogue after the Cold War ended.
We've seen where slavish conformity to the free market system has gotten us. Instead of continuing to scapegoat a few reckless executives, it's time to start posing the tough questions.
Andrew Hunt is the chair of the department of history at the University of Waterloo.