Overnight democracy will empower the poor, indigenous majority. What happens is that under those circumstances, democracy doesn't do what we expect it to do -- that is, reinforce markets. [Instead,] democracy leads to the emergence of manipulative politicians and demagogues who find that the best way to get votes is by scapegoating the minorities…. Markets benefit one ethnic group, democracy empowers a different ethnic majority, and the result is a lot of instability.