Is democracy on the way out?

The old Greek City-state direct democracy was obsolete when the Hellenistic monarchies came into being. Could our nation-state representative democracies be going the same way under the impact of globalisation, with more and more people deciding about less and less? I know many parts of the world are pre-democratic, but is the West entering a post-democratic age? Will democracy (in any real sense) become a thing of the past? Or will some third sort of democracy come along?