That does not explain radicalization and anti-democratic turn of billionaires.
Ordinary people who are turning fascists are not turning fascists because of economic anxiety. They reject party that make economy better.
The more extreme billionaire types see the world as a zero sum game. If they lose a third of their paper wealth, they are still billionaires. The more extreme ones want to gut the middle class, because political power is the only threat to their existence. They see a path where they become merchant princes, and another where they are stood up against the wall and meet their fate.
German and Italian fascism took a similar path. In Italy the state even took over some industry, but the big industrialists with power did great. It didn’t end well for them, but their pal Franco was smarter and hung in there for decades.
Business owners turn fascist over economic anxiety. Hitler's funders were afraid they would be irrelevant in an international context.
The people have real grievances but tend to follow any *hole who has been the visible problem all along but can say the problem is that they were blocked from creating the ultimate vision of a perfect **hole.
I don't know the answer to representational democracy but I think there is something in systems like the Scandinavian judiciary where the jury is professional and competent.
A place like the US is a failure because there is a fear of setting any professional requirements on political positions. This is not irrational because the US has not dealt with its history of Jim Crow laws such that it will never happen again. The US is actually organized to make sure it happens again.
> They reject party that make economy better.
I didn't realize there was a cut and dry "correct" answer. Has it occurred to you that perhaps you are subject to similar biases as other people without being aware of it?