Democracy has long been established as an enduring and stable system of governance in advanced developed countries. In more recent years, however, social, cultural and political divides have emerged that threaten the democratic way of life, emphasizing the vulnerability of even the most successful political regimes. This timely and important volume addresses the serious challenges faced by democracy in contemporary society.With contributions from some of the world's most prestigious scholars of public choice and political science, this comprehensive collection presents a complete overview of the threats democracy must confront, by both contesting accepted ideas and offering new approaches. Employing both theoretical and empirical evidence, the book tackles a broad range of concerns including the inherent problems of democratic life, faulty institutional arrangements, defective voting rules and fiscal issues that affect the ability to govern democratic nations. It will undoubtedly be a significant addition to the current literature. Presenting original and enlightening perspectives on the theory of democracy, this volume will be a fascinating read for students and scholars of public choice, public finance and public economics. It will also find appeal amongst political scientists and government policymakers.