No it isn't. It's the more prosaic observation that governments are more accountable by procedural mechanisms than privately owned firms. How well those mechanisms work is subject to wide variance; nobody believes that North Korea actually operates in a democratic fashion,. but there are many countries that self-evidently do. The concept of a constitutional republic (as opposed to all of its real world implementations) is one of maximizing the citizenry's ability to participate in the decisions that affect them.

Most corporations not only function but are structured as autocracies, in which junior employees have no rights over their conditions of employment other than departure.

The most level headed statement instead of immediately going with some Libertarian thought terminating cliche and it's being downvoted.

I'd be lonely without my downvoting groupies :-)