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This essay suggests that while populism certainly can be a mortal threat to democracy, the worst outcome is less common than observers have feared. The author’s research shows that among forty populist governments in Latin America and Europe from 1985 to 2020, only seven led to authoritarian rule. It concludes that democracy often shows considerable resilience, with most populist leaders failing to suffocate liberal pluralism due to institutional checks, balances, and opposition mobilization. While the threat of populism requires constant attention and energetic countermeasures, there is no need for global alarmism.