Wouldn't the Swiss system also encourage controversial decisions to be rapidly validated by a majority? Part of the supposed appeal of representative government is to prevent the rabble for voting for free bread and no taxes, right?
Large farms and capital owners don't strike me as the "rabble".
Just saying its all because of fearmongering and to stupidity of the plebs is an elitists attitude that I dislike.
Of course lobbying has an effect. That literally what democracy is built on. Lobbying is effective also in things that you like, not just those that you dislike.
We also had a lot of initiatives that were accompanied by lots of fearmongering (vote for this or country if fucked) that were rejected.