Forgot to add: like Hayek though, I am completely in favor of what has been wrongly labeled as "limited democracy". Democracy is simply a decision-making method that works quite well for equally-shared common goods, from the point of view of keeping the non-agression principle as the core of a society. But that's all it should be applied for.
The extension of this method to EVERYTHING, including the private property and life of individuals, is the problem. That's when democracy becomes the dictatorship of the majority and simply a tool of legitimization of unlimited rule by the elite, as seen in the West today.