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Citizens elect leaders who vote on the issues in a representative democracy, and citizens vote on the issues in a direct democracy.
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c The United States experiences a financial panic. a.p.e.x.
Aristotle pioneered the use of the term as meaning rule by the rich, for which another term commonly used today is plutocracy. In the early 20th century Robert Michels developed the theory that democracies, as all large organizations, have a tendency to turn into oligarchies.