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(20th century)
Theory of democracy set out by the American economist and political scientist Joseph Schumpeter (1883-1946).
The theory of democracy had attributed power to the people; that of elitism had attributed it to minorities.
In democracies this polarity is resolved, by elites competing for popular electoral support to enable them to exercise power subject to its being renewed at the next election.
Source:
Geraint Parry, Political Elites (London, 1969)
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