I personally think that the fact that a majority of hashing power can overwhelm the network is a good thing. The unequal distribution of wealth, which makes this undemocratic, is a separate social issue in my mind. The alternative is a system that allows those who amass wealth to protect it indefinitely, which I think is dangerous. True, it means that those who have legitimately worked to earn their wealth loose protection, but it also means that the majority can reclaim wealth from malevolent dictators etc. This is political though and just my point of view.

My point is, I don't know if you can have a network that relies on the decision of the majority and still prevent governments and powerful people from being able to obtain that majority.