The guiding function exercised by a true elect, and even the very existence of this elect—since it must exercise this function if it exists at all—is utterly incompatible with democracy. … A real elect, as we have said, can only be an intellectual one; and that is why democracy can arise only where pure intellectuality no longer exists, as is the case in the modern world.

p. 98 - The Crisis of the Modern World (1927)