A new article published in Crisis & Critique, treating the populist theory of Slavoj Žižek. Frequently portrayed as the paradigmatic antipopulist thinker, he is also routinely criticized for endorsing populist causes in contemporary politics, not least after his infamous remarks concerning Donald Trump during the 2016 U.S. presidential election. This article aims to approach this supposed contradiction by examining Žižek’s theory of populism. Rather than reading his debate with Ernesto Laclau as primarily a confrontation between reformist populism and revolutionary communism, the article approaches it as a fundamental disagreement over the relationship between theory and political practice. Through a close reading of Žižek’s engagement with Laclau, the analysis reveals how Žižek critiques what he perceives as a fetishistic tendency in Laclau’s thought which ultimately produces a deficient account of universalization and results in the domestication of the constitutive negativity marked by the Lacanian objet a.