It is just as bad as oligarchy if left unchecked. There is such a thing as a tyranny of the majority. Or if you want to just look at the politics, if you tick o

It is just as bad as oligarchy if left unchecked. There is such a thing as a tyranny of the majority. Or if you want to just look at the politics, if you tick off the wealthy elite or make it too difficult to do business, you end up with less control over things that matter since you're either poor because all the business you ticked off went somewhere else, or basically a colony state as the important decisions are made elsewhere. The only reason why it seems more "democratic" is because for most of human history, the wealthy elite had way to much power compared to everyone else.