Yes governance power can take many forms but when it changes, it's no longer democracy.

If anything a better analysis comes from the book Logic of Political Survival. The selectorate and the winning coalition are much smaller than previous generations because of the massive accumulation and consolidation of wealth. So they dont have to do jack shit for the majority of people because theyre irrelevant in gaining or holding power. The majority of Americans hold and wield absolutely no political power in placing anyone in power. And then are surprised when they get wrecked. Or maybe theyre not surprised because they simple dont know how much theyre country is getting looted