Yes they are.
Democracy is regulation of politics to make things fairer and more equal. Freer the market, more unchecked power. Democracy checks political power, to assist in preventing it isn't abused. Socialism would be an economical example of checking the economical power of corperations. This is to try to stop exploitation.
In democracy, are also responsible and accountable by the masses, in socialism, you are also responisble and accountable by the masses. Without that responsibility and accountablity, it gives rise to exploitation.
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