I have different hypothesis. How I see it democracy have 2 very good feedback loops.

Fast one - the one that used journalism (so called 4th branch of government) that enjoyed public trust and more or less was factual which in turn kept public opinion more or less in one shared and factual reality. This in turn put pressure on actual government in between elections.

And there is second one - slower - public could change government in elections based on the lived experience of last N years.

The monopolies broke 1st loop completely. And the 2nd was hindered. Now ppl cannot choose directionally in slow loop (elections) what is good for their self interest bcs they do not have factual picture of reality. So they can choose based on vibes which in turn is as good as "random move away form current status quo".

IMHO still way better then autocracy.

Case in point - ppl voted for Trump among other things bcs of gasoline prices. How it turned out...

And why right wing - bcs said monopolies put thumb on the scale - as their are capital after all. And they do have more self awareness what is best for their interest. If democracy survives next will move will be ditching current right wing for whatever else and then even monopolies thumb on scale probably will not help current regimes.