The democracy doesn’t guarantee economic development. In most of the democracies, a small number of ultra-rich enjoy a highly disproportionate share of wealth and income. For example, countries like South Africa and Brazil, the top 20% people take away more than 60 % of the national income. Unfortunately, those who are at the bottom of the society have a very little share (less than 3 %) to depend upon. Even in India, the elected government looks reluctant to take necessary steps for the upliftment of the large section of poor in our society. The situation is much worse in some other countries. In Bangladesh, more than half of its population lives in poverty. People in several poor countries are now dependent on the rich countries even for food supplies.
Thus, it can be concluded that in actual life, democracies do ’ not appear to be very successful in reducing economic inequalities.