Emmanuel Macron’s decisive defeat of Marine Le Pen in the French presidential runoff was a major victory for liberal Europe. But it was a battle, not a war. The idea that one in three French citizens would vote for the National Front’s Le Pen was inconceivable only a few years ago.

Commentators have affixed the “populist” label to the wave of demagogic politics sweeping Europe (and much of the rest of the world). But, beyond the raucous style common to populists, what do these movements share? After all, Spain’s Podemos and Greece’s Syriza are of the left. France’s National Front, the Netherlands’ Party for Freedom, and Germany’s Alternative für Deutschland (AfD) are of the right. Beppe Grillo, the leader of Italy’s Five Star Movement, says that his movement is neither left nor right.