This chapter surveys the four main contemporary theories of democracy. First is democratic elitism, developed mostly by Schumpeter and Downs. Elitism assumes that citizens are apathetic and politically incompetent, seeing democracy as a method for periodically selecting the ruling elites. Second is liberal pluralism, typically associated with Dahl, among others. Liberal pluralism sees democracy as competition among rival factions, calling for institutions that prevent the tyranny of any minority over the others. Third is populism (or radical democracy), chiefly defended by Laclau and Mouffe. Populists believe that social identities are malleable and rational agreements unattainable, which leads them to see democracy as a struggle to rhetorically create a popular identity. Finally, deliberative democracy, pioneered by Habermas, holds that political power must be justifiable to all and proposes that democracy should be a process in which citizens exchange arguments to determine the most acceptable policies.