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Limits of Democracy

Another great video from Learn Liberty:

People often associate freedom with electoral democracy. According to Prof. Pavel Yakovlev, the freedom to vote is an inherently limited tool for fostering a free society. Although majority vote can serve as a useful tool for expressing the will of the people, it can be taken too far.

Imagine a world governed entirely by majority votes—including your personal decisions! Would you be happy if a majority vote determined who you could date? What you could eat? Now consider the world you currently live in, where you make decisions and purchases in the context of a marketplace. In a market, you can choose goods, services, and activities that diverge from majority trends. Moreover, markets also provide a greater number of choices.
Free markets and limited government depend upon and facilitate individualized and decentralized choices; they create the conditions necessary for a truly free and democratic society.
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