d well. But as an ideal, democracy faces serious challenges from the brave new world of globalisation, the media explosion and the technology revolution. It has been under multiple threats: by liberalism, populism, authoritarianism and extremism. And now it is under attack from itself. The subject of democracy is a most confused and confusing debate, where it is easy to confuse form with substance, concept with practice and illusion with reality.

The fundamental concept of democracy is self-governance. A democratic system holds that power resides in the people, who delegate it to their representatives in trust so it can be exercised on their behalf. This is self-governance. And it is realised through form and substance. Form is electoral democracy, comprising a constitutional framework and an institutional structure including parliament, the judiciary and media. The substance consists of policies executed through institutions that enjoy autonomy and integrity, supported by strong rule of law and a just social order. Policies must benefit the people.

To put it starkly: were the people to decide themselves without intermediaries, would they choose policies that bring them harm? No wonder, good governance is central to the realisation of the concept of democracy. That is the substance without which democracy will be hollow. What the common person seeks from democracy is justice, security and economic opportunity, which are all critical to their survival. That is where democracy has not delivered. And it is happening globally in most countries subscribing to or pretending to subscribe to Western liberal democracy.

Let us look at the advanced democracies like the US. The euphoria incited by the fall of the Berlin Wall and Francis Fukuyama's 'The End of History' had surged into a kind of liberal triumphalism whose nexus with globalisation went on to create enormous world prosperity. But along with prosperity came a new breed of global elite and concentration of wealth in the hands of what has become known as the top one per cent.