Historians generally view populism as a complex and multifaceted phenomenon. Most commonly, they consider it:
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As a driving force in the late nineteenth century: Populism emerged as a significant political movement during this period, particularly among agrarian groups and marginalized communities responding to industrialization and economic hardship.
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As a failed movement that set the stage for some reforms: While the Populist Party ultimately did not achieve long-term political success, it did influence later progressive movements and reforms, showcasing the concerns of farmers and working-class citizens.
The other views, such as it being a "movement that saved the farmers" or "laid the groundwork for the election of Theodore Roosevelt," are less universally accepted among historians. They may see those perspectives as oversimplifications, as the legacy of populism is more about its role in highlighting issues and initiating discussions that would be taken up by later reformers rather than a direct cause-and-effect relationship.