Even with all it's shortcomings, democracy matters because there is hope of representation for everyone, however poor one is. Unlike this disgusting corruption reported at NY Times that ruins poor young lives in China with no way for them to get back their future.
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"You are entitled to your own opinions. You are not entitled to your own facts."
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And credit histories are subject to similar abuse. Whether public or private, the same sort of things happen where entities are not accountable.