Democracies can't work, as they're managed by politicians with low time preferences, which means that in order to get elected they'll promise and pass laws and regulations that make the government always spend more than what they make through taxes, disregarding long-term effects. That process generates debt.

Democracies inevitably end up achieving state bankruptcy through excessive debt. Regardless, that debt has to be paid by the population, so in that perspective democracy is a poverty generation engine.

For more on that topic: https://www.amazon.com/Democracy-Economics-Politics-Perspect...