Absoutely
Just an elaboration of your statement, for the record:
"Democracy" comes from the latin words "demos" (=the people) and "kratos" (=to rule)
It is absolutely true that what most people call a democracy today is in fac NOT a democracy. If the majority of the people choose one person who will rule them that soesnt mean that the people do rule. Obviously. Most systems whatever they are called, save for dictatorship, usually trickles dow to an OLIGARCHY (=a group ruleover the masses)