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Explain the meaning and significance of the will of the people.?
The meaning? of a concept is something like its definition a simple summary of the gist of a concept.
Significance? refers to the implications and broader ramifications of a concept — what makes it important.
no outside citation source, if you need to use it, please paraphrase and not cite.
citation resource: https://eet.pixel-online.org/files/etranslation/original/Schumpeter,%20Capitalism,%20Socialism%20and%20Democracy.pdf
in PART IV: SOCIALISM AND DEMOCRACY