Contemporary ‘crisis studies’ seek to advance democracy by emphasizing the threats that technocracy and populism pose to a specific form of it, liberal-democracy. Crisis studies argue that, since the 1970s, technocratic policymaking has deepened economic inequality. This has fostered citizenly anger, which populists exploit. Four well-known iterations of this argument are evaluated using a political realist lens. Political realism emphasizes the historical context of politics, actors’ possible motives, and a normative orientation derived from the political order itself, rather than an (...) external ethico-moral ideal. The realist lens encourages comparison of crisis studies with historical political theory, which situates liberal-democracy within the long-term development of oligarchic systems of authority, and political history, which portrays technocracy as a product of the well-funded reaction to assertions of the democratic impulse that began in the 1970s. Populism is in this view not so much a perversion of liberal-democracy as it is a perhaps unintended consequence of anti-democratic reaction. The crisis studies make this error because based on a moral defence of the justice of the liberal-democratic order. Revealing the democratically unhelpful moralism at the core of crisis studies demonstrates the usefulness of political realism as a form of applied political theory, and not simply theory about theory. (shrink)