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What are the features of a liberal democracy?

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Liberal component:
  1. Some basic specification and protection of individual rights.
  2. Capitalist economy (i.e.) markets for distribution and private property rights).
  3. Restriction of democratic power through representation and not direct democracy.
  4. Regime veto points (i.e.) checks on power) limiting any group from having total sovereignty.
  5. Rule of law.

Democratic component:
  1. Free and fair elections.
  2. Competition in elections.
  3. Elections have the ability to remove or replace existing officials.
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