The contemporary rise of populism may be explained as a product of the process of globalisation against which it reacts. For globalisation rests upon a faith in the future, and limits to globalisation necessitate a change in faith. It is proposed that the nature of this faith in the future can be illuminated by the dynamics of a credit crisis, such as the Great Financial Crisis of 2007–8. According tonew economic theory, economic growth is driven by the rate of credit creation, and economic downturns result from a failure in mutual confidence. There are both mathematical and external limits to economic growth. The first result of approaching such limits is an attempt to retain one!s share of resources with the rise of populism. A subsequent result may well be a return to religion in currently secular countries.