Popular sovereignty is triune. The Father is the popular sovereign as such, which is the source of its two hypostases or actualizations: the state and the market. The state is the Son, an embodied reality that is most often literally personified in a concrete individual (the head of state). The market is the Holy Spirit, a more shadowy entity that works primarily through indirect effects, distributing roles and gifts.
This trinity shares a single divine nature in that they all manifest freedom, though each in its own particular way. The popular sovereign represents sheer unmediated freedom as such, which can never be fully actualized in a finite world. The market gives us freedom in the form of choice, where the state gives us freedom in the form of decision.
(Idle reflections, sketching in the margins of The Kingdom and the Glory.)