It was, but even this is breaking down due to the increasing wealth inequality even within bourgeoisie and the mechanisms that were created to control lower classes' participation in politics like capitalist media, electoral college, anticommunist, pro-status-quo propaganda and similar things that had got a life of their own and are eating even into mechanism of bourgeois self-rule, hindering their effectiveness. Like old realistic ghouls like Kissinger being replaced with complete idiots who have bought into their own propaganda.

it's not really democratic for them either, each capitalist's influence is primarily determined by the capital they own