In the past, let's use the USA as an example, we've had both "business" side-by-side with "government", with the role of the latter often thought of as to balance and foster the true spirit of the former. Keeping the worst excesses of business at bay, and doing things like scientific research that spurs innovation within the realm of business, were both considered the realm of government.

But times change, and now the role of government is getting smaller and smaller, while the roles of corporations are looming larger and larger - there are even businesses that provide a place to live for their employees!

Anyway, businesses were never democratic, but it used to not matter so much when business was merely the place where you worked, while government took care of you at home. Whereas now, they are taking on increasing prominence in people's lives in terms of dictating every single aspect of life - e.g. government healthcare (Medicare & Medicaid) is dying (being killed) off, leaving only business as the provider of "healthcare" available to people - which is what ObamaCare was trying to fight against.

So we still "have" democracy... technically, it's just that it matters less and less as the role of government is continually diminished, and powerful corporations greedily take all the power available unto themselves.