Max Weber and Joseph Schumpeter developed the theory of the nature and limits of modern democracy that is called:

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Max Weber and Joseph Schumpeter developed the theory of democratic elitism, which suggests that in modern democracies, political power lies in the hands of a small, educated elite who are able to manipulate and control the political process. This elite is often composed of wealthy businessmen, powerful politicians, and influential intellectuals who are able to use their resources and connections to shape the direction of public policy. While democratic elitism acknowledges the important role of ordinary citizens in the democratic process, it also emphasizes the limitations of popular participation and the need for an educated, informed elite to guide political decision-making.

Max Weber and Joseph Schumpeter Developed the Theory of the Nature