Democracy does not lead to particularly good choices. Most successful institutions in society are not democratic.
...For me, the value of democracy is that it provides a check on government officials. The fact that leaders can be tossed out by popular vote helps to limit their abuse of power. Democracy gives the people the power to toss out the bums.
We should not assume, however, that we are going to replace the bums with anything better.
In the free society—in which government is confined
to the essential but limited functions of protecting
life, liberty, and property—politicians and bureaucrats
have no assigned “leadership” role. Their function is far
more modest, though useful: seeing that each of us is left
free from violence and fraud to direct his own life as he
considers best and most fulfilling.