Democracy can be used to restrict freedoms, including economic freedoms, as a counter point the democratically elected socialist states, but that is just a counterpoint.
Just look to the nations some people falsely claim are socialist, like Denmark and such. Business does great since there is still freedom. They are not socialist.
This is one of the strangest misconceptions about the Scandinavian countries, social programs funded by private property and strong market economies with very high taxation.
Which is why it is worrying to see when there is calls for abolishing property rights, which we can expect to rise if the middle class shrinks over time.