squid830: I agree that democracy, despite being kind of shit, is still the best system around so far.
However, with respect to wits etc. - it all comes down to ones advisors. If a dictator surrounds themselves with intelligent people that are good in their fields, listens to their advice, and can discern the facts from the self-interest crap, then they will do well.
Likewise, a democracy where the people in power are useless, and surround themselves with useless people, won't do too well.
Unfortunately the measure of "doing well" is these days only relevant within an election cycle - sometimes not even that, since we've had our Prime Minister usurped from their own party while in power due to bad polls that were years away from an election.
But I digress.
Sarang: I disagree that Democracy, at least married with traditional Capitalism is best. You need to have proper safety measures baked in throughout the pie, especially education that encourages strong critical thinking then decentralize it strongly, both means of production and government. Big Bureaucracy always leads to crap like "The Trial' in Communism OR Capitalism.
OK then - what's a better alternative?
I hope that there is something better than democracy - not just due to bureaucracy, but also due to it being much easier to manipulate people to go for stupid (short-term) ideas than it is to convince people to back logical ideas for the long term.
Agree one needs critical thinking in education - unfortunately this has been distorted from critical thinking to SJW politics infusion, and even worse these days it appears to be at the expense of actually learning something useful (which required before learning critical thinking - learning the basics such as reading/writing, math, etc.).
Somehow I doubt that there is ever a system that is perfect. Why? Because all of these systems rely on people, and people tend to suck. The more powerful the person, the more crap they've had to do to get there, which generally increases the likelihood that they're assholes. All power structures inevitably suffer from this - even structures that were originally designed to encourage excellence (e.g. where people are supposedly rewarded based on skills and merit that's relevant).
The best thing about democracy is the fact that there's an explicit option to change the Government on a regular basis, where everyone's vote counts. Sure votes get manipulated by various media, but again that comes down to "people" and how easily manipulated they are.
In a dictatorship (for example), one would have to overthrow the existing system, which would generally involve a coup or an uprising of some sort - which generally wouldn't happen unless things were really bad (and if the incumbent possesses Stalin-like ruthlessness, the chance may never come due to any hint of dissent being squashed immediately).
Oh and there definitely is such a thing as "too many safeguards". We've got tons here - an Obudsman for almost every industry, strict consumer laws, safety laws etc. Unfortunately this causes vast amounts of red tape, while simultaneously encouraging stupidity. Example: Just because some idiot started a bushfire with fireworks, they're effectively illegal most places (except the capital, strangely enough). And while all those "anti-corruption" watchdogs or whatever give many people a nice fuzzy feeling of Government transparency, they're all staffed by moronic public servants - who are generally mates with the other idiotic public servants who they're supposed to be "watching".