Monarchy and dictatorship are shit systems, because a lot of power rests on the shoulder of one individual and individuals are less stable than a group of people (the larger the group, the greater the stability).
An individual can go mad, be a psychopath (about 1% of the population, you roll the dice each time a new dictator comes into power, pray) or be subject to intimidation from unsavory individuals (ie, "You'll rule the state like I tell you or I'll pop your wife and children").
The larger the body that makes executive decisions, the less you have to gamble with those things.
Also, ruling bodies have a tendency to get out of touch with the realities that various portions of the population lives and because of that alone, they often make a better judge of what would most benefit them than a lone ruler even if that lone ruler has a much higher intellect (I don't care how smart you are, nothing beats being in a person's shoes to make a good assessment on them).
Traditional monarchy is probably the shittiest of all systems, because you don't have any flexibility in picking a ruler, meaning the dice gets pretty random with each generation.
A freer form of dictatorship is somewhat better, because a dictator who isn't bound by monarchic tradition can actively chose an heir who might not be his child, though that would make for a pretty awkward conversation with his children (ie, "Son, I love you, but I don't think you have what it takes to rule this nation properly and you would drive it to the ground so I'll pick Josh here instead for that").
However, most people's judgment is off when it comes to their kids (no offense meant to parents reading this) so most dictators would end up picking their kid and the system would be just as crappy as regular monarchy.
Our current system of democracy (in Canada) is shit, but at the very least, we get to tryout dictators every 4 years each time we have a majority government which is not true democracy, but infinitely better than that "dictator for life" crap.
There are many ways the system could be improved as outlined in "Imagine Democracy" by Judy Rebick. Imho, if there were to be one mandatory reading for high school students in Canada, it should be that book.
Personally, it changed my outlook drastically. Seriously, if every Canadian read and understood that book tomorrow, I think Canada would be a much better country.
Telika: Just saying : democracy isn't just an electoral system, it's also a definition of citizenships, with a series of rights (civic, political...), and it's also the protection of a series of dispositives ensuring its functionning (education, press, etc).
Democracy isn't a binary feature, either. There are levels of democracy, and many official "democracies" have antidemocratic aspects (dubious freedom of the press, non-citizens, etc). Polticial scientists don't stop at labels defining what country "is" or "isn't" a democracy.
So, no. Democracy is actually underrated. But democracy implies a lot of things, in order to function, and I don't think many -if any- country truly meets all the requirements. All democracies are technically imperfect and dysfunctionnal, perpetually damaged and repatched. It doesn't mean we should be aiming at something else.
This. I think the view many people have on democracy is colored by their current system and that places an unfortunately limit in their mind as to what it could become.