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"Democracy is based on the assumption that a million men are wiser than one man. How's that again? I missed something.
Autocracy is based on the assumption that one man is wiser than a million men. Let's play that over again, too. Who decides?" - Robert A. Heinlein
Everyone who believes this is solvable tends to focus purely on the technical aspects of the problem. I fully grant that we have the technologies to solve these issues. What I do not grant is that the problem is purely technological. The problem, as Alan can testify, is political, sociological, and psychological.
Are we supposed to believe that every civilization that collapsed before us was vastly more stupid than we are? And yet they collapsed anyway.
Those who focus solely on technology may be overlooking the harshest problem of them all - homo sapiens himself.
Ghawar Is Dying
The greatest shortcoming of the human race is our inability to understand the exponential function. - Dr. Albert Bartlett
Actually, democracy is based on the assmuption that one million and one men are wiser than one million men, so you are back to that one man again.
Look up Condorcet's jury theorem. Suppose a man has a 55% of making the right verdict. Now suppose that all members of a jury of five has the same chance. What is the chance that a majority in the jury reaches the right verdict?
What happens if you increase the size of the jury to twelve members?
You don't need much faith in people to appreciate the wisdom of democracy.
I'd say that democracy is based on the idea that it is better to let citizens vote their interests directly rather than have a smaller group decide for them. In the US, we only do that for the occasional proposition or referendum. In all other cases, democracy is heavily filtered through the political parties, the electoral college, etc., leading to a small group of leaders.