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From: Webster's Revised Unabridged Dictionary (1913)

 De·moc·ra·cy n.; pl. Democracies
 1. Government by the people; a form of government in which the supreme power is retained and directly exercised by the people.
 2. Government by popular representation; a form of government in which the supreme power is retained by the people, but is indirectly exercised through a system of representation and delegated authority periodically renewed; a constitutional representative government; a republic.
 3. Collectively, the people, regarded as the source of government.
 4. The principles and policy of the Democratic party, so called. [U.S.]