Is democracy overrated?

Bernie Ecclestone , the billionaire supremo of Formula One racing (and a former donor to the Labour party) has been sharing his thoughts on politics in an 80th birthday interview with the Guardian. "I get myself into so much trouble when I say these things but I don't think democracy is the way to run anything," he said. "Whether it's a company or anything you need someone who is going to turn the lights on and off. We had Mrs Thatcher and when she was in charge she did turn the lights on and off. She brought the country to where it was before it got muddled up again." Besides admiring Margaret Thatcher, Ecclestone seems also to have a soft spot for dictatorship – though he thinks torture is "an old-fashioned way" of getting things done. But do you agree with him about democracy? Is it often a barrier to getting things done?