The rise of billionaire Donald Trump in the U.S. presidential race has been met with a mixture of horror and fascination. As his campaign, once regarded with derision, continues to rack up successes — most recently, in the Florida, Illinois and North Carolina primaries — pundits are scrambling for some historical or foreign analogue that can shed light on the phenomenon. While no comparison is perfect, the most apt comparison is with Silvio Berlusconi, the Italian media mogul who has served three terms as his country's prime minister. It is not a reassuring model.

Of course, Berlusconi and Trump share some superficial similarities, including multiple marriages and a generally vulgar style. But the most impor- tant — and the most worrying — qualities they share is an ability to substitute salesmanship for substance, a willingness to tell bald-faced lies in pursuit of publicity and advantage, and an eagerness to intimidate critics into silence.

Berlusconi's policy platforms, even his fundamental ideology, have always lacked consistency. During his successful campaigns, he said whatever it took to win votes; during his three terms in office, he used the same tactic to form coalitions. His only agenda was to protect or advance his own business interests.