More Americans are dissatisfied with democracy than at any point since records began in 1995, according to a new study published Wednesday, and the number of citizens with a positive view of the U.S. system of government dipped for the first time below 50%. 

To observers like journalist Rania Khalek, the reason for such a shift in global attitudes was clear.

“Our systems aren’t actually democratic,” said Khalek. “We live in a miserable oligarchy, no wonder people are unhappy.”

A majority of people around the world—57.5%—are dissatisfied with democracy, the University of Cambridge’s Centre for the Future of Democracy study (pdf) found. 

“If confidence in democracy has been slipping, it is because democratic institutions have been seen failing to address some of the major crises of our era, from economic crashes to the threat of global warming,” said study lead author Dr Roberto Foa.

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