> There is nothing inherently good about democracies. After all, democracies have exterminated continents full of people...

You might have missed the reason why democracies are so popular; they win wars and they are capable of managing the complexities of capitalist systems. If you expect anything inherently good in politics you are in for a lifetime of disappointments because the entire game (in any political system) is deciding which group of undeserving people get to be in charge.