Populists aren't dangerous because they might win. They're dangerous because of how they transform politics even when they don't.

Over the past year, the transformation of Donald Trump from entertainingly gauche loudmouth to serious contender for the Republican presidential nomination has astounded — and frightened — America. Many things about Trump, from the brashness with which he criticizes his opponents to the unabashed pride with which he enumerates his riches, seem idiosyncratic. But he’s not the only larger-than-life xenophobe who has come to political prominence over the past years.

On the contrary, the kind of right-wing populism he represents is ascendant in virtually every liberal democracy around the world, from France to Australia, from Israel to Sweden.

Pundits and political scientists alike have spilled a lot of ink in trying to characterize the nature and the causes of this populist rise. But strangely, hardly any of them have tried to give a clear account of the actual danger that populists pose to the political system. Sure, it is unsettling — and more than a little distasteful — to see people like Trump garnering so much support. But why exactly should we be worried about them?

In my mind, there are three main reasons to worry about the rise of populists. And while the most obvious reason to worry turns out to be less important than is widely assumed, the deepest challenge posed by the populists has so far gone unnoticed.