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Note 1: Democracy is Tricky

It's easy to confuse democracy for its components. We've come to associate most democracies with western nations which are democratic only due to a set of antagonistic forces.

Note 2: Democracy isn't institutions

Democracy isn't the agency that may ensure peace or a smooth election. It is the principle these institutions seek to serve. If those institutions show themselves to be anti-democratic it may be better reforming said institutions, or getting rid of them

Note 3: The people aren't always right

What tends to spur dictatorships is the belief that democracies tend to encourage the election of the ignorant. Which can be and is often the case. Nevertheless, the preservation of the state and general peace requires democracy since aristocracy is far more anti-freedom than a democracy ever could be.

Note 4: Democracy isn't Freedom

One is at a point bound to the desire and wills of “The people”. While democracy is explicitly anti-aristocratic it is heavily utilitarian in nature and serves the majority of people. Therein, a whole lot of freedom can be found. The essence of Democracy is consensus.

Note 5: Democracy isn't populism

Populist tendencies while first seemingly democratic tend to usurp democracy(consensus) and replace it with the aristocracy. What defines populism is the tendency of “the mob" to be anti-elite. The mob is explicit in its pursuits to overthrow the status quo. This can be justified. The outcomes of such overthrow tend to be mixed.

Note 6: Democracy isn't capitalism

The Laissez-Faire liberal is a recent development, and their philosophy has far less to do with freedom in itself and more-so the preservation of status and wealth. Capitalism overall isn’t tied to Democracy. This is most evident in the State-Capitalistic behemoth that is China. While being capitalistic it is very obviously anti-democratic.

This goes in stark contrast to Hayek's teachings which proclaimed that Freedom and Democracy were rooted in Capitalism.

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