["Sociology Lens, EarlyView. ", "\nABSTRACT\nPopulism is an old phenomenon but one which appears to once again be in ascendance globally. Attributing a nation's problems to a wicked elite, populists seek to dismantle the old order and either remove or repurpose its institutions. This paper explores how populism changes economic governance and particularly, how its emphasis on fighting domestic enemies and their institutions brings about a leaner but far meaner state. Under such a regime, business must cope with not only policy instability but also institutional volatility as the government withdraws public goods in favor of private vengeance. In this manner, the boundaries of the state are redrawn to the detriment of enterprise and institutional development.\n"]