Rule by Consent

I believe that the concept of "democracy" trivially implies rule by consent. And it is NOT merely "consent of the majority" that is required. The democratic system as a selection procedure stipulates that we agree to accede to the majority's selection, but once elected, that government becomes a government for ALL individuals (indeed, how could it be otherwise, since ballots are secret?) So any existing democratic government governs only insofar as its citizens consent to its rule. Then there must be some underlying "Social Contract" which validates the rule of government according to its PERFORMANCE for its citizens, who then voluntarily consent to be ruled, granting it its authority.

Now, let us assume that the government no longer rules by consent because its policies no longer serve the best interests of all, or even of a majority of its citizens, but of only, oh, I don't know, say the 2% of the population who control 98% of the resources. Question: is that government still a democracy?

I don't think so.