I thought for a while now that democracy would work in a country only if people of that country are educated. Thats my justification for democracy not working in a few countries (free electricity or a film star or an extremist organization would win an election).
In retrospect, I think democracy itself is a problem. It has nothing to do with the literacy of the people. It has everything to do with short term popularity - It has striking relations to stock market. People would not vote on long term thoughtful position on an issue, but on what the news snippet is that week, the same way most people would not buy a stock on long term but on a short term news snippet.
At the end of the day, both free elections and stock market are like a popuilarity contest. Whoever lines in with the most popular trend of the day wins for the day, however they lose it in the long run.
Semi dictator ship in China, Singapore and Malaysia worked well. I am not sure there is any other way to determine a stock price than let the populus to determine it.
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