Absolutely -- in fact not only were the populist less intolerant than their opponents but also were one of the rare post-Reconstruction multi-racial movements (Hofstadter didn't realize their were black populists). It's the crushing of populism that empowered Jim Crow.
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I guess I think Hofstadter, in the historiography and the historian’s academy, has been destroyed re populism (Progressivism a more complicated case). And not sure how much purchase cap P Populism has in general public.
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The evolution of the term populism to one meaning something like "rightwing authoritarian" & used by liberals only negatively is one sign. It's Hofstadter's legacy and not a good one.
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