According to Dictionary.com

de-moc-ra-cy
 
- noun,plural - cies.
1. government by the people; a form of government in which the supreme power is vested
   in the people and exercised directly by them or by their elected agents under a 
   free electoral system.
2. a state having such a form of government: The United States and Canada are democracies.
3. a state of society characterized by formal equality of rights and privileges.
4. political or social equality; democratic spirit.
5. the common people of a community as distinguished from any privileged class; the common
   people with respect to their political power.