"Democracy is the worst form of Government except for all those other forms that have been tried from time to time."
Winston Churchill, Nov. 11, 1947
The United States is not supposed to be a democracy. By intention we have a republican form of government. Most citizens' capacity to practice good self-government extends to choosing representatives who give governance the attention it requires. Presumably they can make wise, informed decisions.
Senator Rand Paul termed the Wisconsin election stolen because it included votes by people he considered to be coddled into voting. The Democratic Party's voter outreach and convenient ballot drop boxes made it too easy to vote, he said.
Democracy and theories of government overlap with theories of finance. For 50 years economists and students of markets have argued that markets are approximately "efficient." The stock price presumably embodies the "wisdom of crowds." In theory, all the knowledge about the fair value of a company is subsumed in the total buying and selling activity of the marketplace. The Efficient Market Hypothesis coincides with an overarching idea in biology, social science, and game theory that every organism is in a struggle to survive and reproduce. All life is a descendent of survivors. Therefore, what is, is what is meant to be, the sum of competitive interests. This is not the best of all imaginable worlds but it is the best of all possible ones in the netted-out balance of self-seekers.
My observation is that financial markets are not efficient. They are the sum of ignorance and emotions. Humans are not rational, nor are they always self-seeking, nor do they understand their self-interest. Humans are not individual actors. We are a semi-herding species; we herd less than sheep, but more than orangutans. Humans take leadership from authorities. Humans look for cues from others. We believe confidant liars. We join crowds. There is money to be made in investments when prices become irrationally fearful. I lived it. There were giant opportunities in 1974, 1982, 1987, 2002, 2009 and 2020. Fear was in the air, breathed deeply and spread, even by the least engaged people.
Currently Democrats are fighting to preserve "voting rights," which translates into wanting voting to be easy and accessible for Blacks and other historically disadvantaged groups. Those groups are the acknowledged target of The American Conservative article Rand Paul quoted. Subterfuge can disguise intent. A law reducing drop boxes for ballots to one per county can claim to be a neutral effort to avoid wasteful duplication. Knowing that Fulton County, Georgia and Harris County, Texas contain heavily Democratic Atlanta and Houston, each with millions of people, means knowing long lines are certain to dissuade the undesired people from voting. They just happen to be urban Blacks.
Both markets and elections have low-information, low-engagement participants. I am one myself when I am cajoled on behalf of office morale to enter a March Madness NCAA tournament bracket. I go along to be part of the office team. When representative government works as intended there is a healthy division of labor between the broad electorate and the decision makers. Even uninformed voters are subject to the laws of the polity, so fairness requires they be able to vote. Presumably, uninformed voters can do little long-term harm because they are electing knowledgeable people of discernment.
This is where we have a breakdown. The independent judgement function of republican government still persists, more or less, among Democrats. This is an artifact of their weakness and division, not high principle. No one has persuasive sway among Democrats--most certainly not Biden. Leaderless Democrats have room for independent thought. Trump, however, has been extraordinarily persuasive and effective in leading Republican voters. He has been ruthless in culling disloyal members of his Party. GOP officeholders are terrified of him and should be.
The officeholders are afraid of their voters, so they silently enable Trump. We are observing democracy.