After Twenty Years: The Future of the Third Wave

Despite a turbulent history and rampant corruption, Panama has emerged as one of Latin America’s richest and most stable democracies. How can this be?

Political elites once held referendums to fend off challenges to European integration. More recently, Euroskeptic parties have employed referendums to batter down the walls of elite consensus. But the spread of referendums threatens to undermine the legitimacy…