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The aim of this article is to reveal the institutional dimensions of populism, which tend to be ignored because of the hegemony of economic analysis of the subject. Whereas many researchers assume that populism is a result of the negative economic effects of neoliberal policies on the middle class, I argue that populism is also a corollary of neoliberal institutions’ effect on the political power of so-called ordinary people. To illustrate this, I focus on the rhetoric of Turkish populists concerning two important economic institutions in Turkey: the Public Procurement Authority and the Central Bank. This examination shows that Turkish populists view the independent institutions of neoliberalism as a barrier against the people’s political will and define themselves as fighters for democracy.

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This article aims to shed light on the early history of small-scale capital in Turkey. Turkey’s paradigm of development in the 1960s and 1970s, as in other belatedly industrializing countries, meant active state involvement, generally in favor of big capital. This emphasis on the large players has caused small capital’s influence on the era’s state policies to be largely overlooked. This article argues that small capital, popularized in the 1990s with the concept “Anatolian capital,” has deeper roots in Turkish economic and business history than formerly thought.