You can argue that democracy is merely an empty shell wherein to levy opinions. And in that context, I am talking about liberal capitalist democracies. But the voters themselves are capitalist, or rather don't have a problem with capitalism, hence why they don't vote leaders out that follow a capitalistic line.

But I would not say I am conflating the two. The simple equation is that democracy does not foster democracy by itself. Capitalism in those democracies hinters that.