A load of crap. Existing Oligarchy: Russia. The citizens have the right to vote and do so, however, the head(s) of the Oligarchy, imprison and/or kill popular candidates.
The best current system, which should stand as is: The United States Constitution and its Bill of Rights. It is called a "living document," as Amendments can be added to make necessary changes. The Constitution allows for direct democratic voting for congressional and senatorial candidates in their local areas, although in the case of the senatorial candidates, no state is allowed more than two senators. The president is the exception to the direct democratic voting. The Electoral College gives smaller and/or less popular states, a voice through this method so that the major populated areas don't have complete control over who becomes president each time. There is no better document and if Aristotle were alive today, he would no doubt approve of the system.