It has a lot to do with both! HN is largely interested in startup economies, so I focussed on that in my comment.
I would contend that a startup economy can not exist without decent democracy. It's not an either/or as you frame it.
I disagree: TikTok, Alibaba, Deepseek, WeChat...
I disagree: TikTok, Alibaba, Deepseek, WeChat...