What is called neoliberalism is , in fact, the same old system of imperial colonialist subjugation practiced by Britain in Asia, and the US in Latin America.
The only differences today are that the system is no longer being implemented for the sake of an imperial state, but rather for the sake of a transnational elite who transcend state allegiances; and the fact that the extent of their control is far more comprehensive than it ever was in the traditional imperial system.
Now, what does it mean to have a democratic political system when the elected government has no sovereignty? When the government has already forfeited all of its functions to private business? When the social contract between the state and the people has been transferred to private corporate and financial institutions? When foreign investors have the authority to draft a country’s laws? When the public interest is trumped by corporate pursuit of short term profit and greater market share?
What it means is that the democratic process is a facade. I would suggest that the most important factor that determines the democratic character of a government is not that it is elected by the people, but that it genuinely responds to the people, serves their interests and reflects their values. Under the neoliberal system, this is impossible. A government may be elected by the people, but it will not serve them.