Explain the Merits and Demerits of Liberal Democracy.

Liberalism supported the democratic ideas right from the beginning. The classical liberal theory of democracy from John Locke onwards, enshrines supremacy of the people. It takes individual as the basic unit of democratic model, assuming that he is rational, ethical active and self interested. It emphasizes individual freedom, participation in political life, representative government and on bureaucracy. At economic level it was built upon economic inequality and political equality. It believed in competitive market economy. But the classical liberal theory of democracy is criticized by Lord Bryee Grahm Walls as Lindsay, Banker MacIver.