What is Classical Liberal Economic Theory

Democracy is a political system based on the method of collective decision-making with the equal influence of participants on the outcome of the processor at its essential stages. Although this method is applicable to any social institution, today its most important application is the state, since it has a lot of power. In this case, the definition of democracy is usually narrowed down to one of the following: 1) The appointment of leaders by the people they govern is through fair and competitive elections. 2) The people are the only legitimate source of power. 3) Society exercises self-government for the common good and the satisfaction of common interests. People's government requires the provision of a number of rights for each member of society. A number of values are associated with modern democracy: legality, political and social equality, freedom, the right to self-determination, human rights, etc.