The article aims to investigate the problematic relationship between populism and democracy by comparing the conceptions of ‘the people’ and popular sovereignty which they presuppose. In the first two sections, the populist and the democratic ‘peoples’ are reconstructed, and the unbridgeable gap dividing them is highlighted. The discussion of the democratic people requires a concise analysis of the main contemporary democratic frameworks, including deliberative democracy, ‘neo-Roman’ republicanism, agonistic democracy. The article works out the implications of the incompatibility between the two (...) ‘sovereign peoples’ identified, and concludes that such an incompatibility undercuts the kinship of populism and democracy. While populism is often said to intertwine with democracy in some way, the article argues that it significantly departs from democratic theory and practice, and belongs to a distinct conceptual space. It cannot be made to overlap with ‘illiberal democracy’, a ‘democratic myth’, a crude electoral majoritarianism, nor does it amount to hiding undemocratic policies into properly democratic justifications. The boundary dividing populism and democracy, therefore, starts unfolding at the level of the conception of the people. While democratic theory invariably assumes a people intended as simultaneously heterogeneous and united, populism conceives of the people as a moral whole, internally undifferentiated, whose homogeneity and intrinsic righteousness preclude the task of specifying what popular sovereignty ultimately means. Such specification, on the other hand, is inescapable for any democrat assuming the people as a composite unity. The last section addresses four possible objections to the argument, variously formulated by Ernesto Laclau and by scholars approaching populism from a post-Laclauian or discursive-performative perspective. (shrink)