It has nothing to do with democracies.

It has to do with slavery by debt. Something as old as Roman Empire. The Jews created a cyclic system of years, with one, the Shemittah, the Sabbatical year to free people from debt for this reason.

If you want to know how the West has been doing the same (or worse) for a long time you could read "Confessions of an Economic Hitman", by John Perkins.