Aristocratic government ruins itself by limiting too narrowly the circle within which power is confined; oligarchic government ruins itself by the incautious scramble for immediate wealth. But even democracy ruins itself by excess of democracy. Its basic principle is the equal right of all to hold office and determine public policy. This is, at first glance, a delightful arrangement; it becomes disastrous because the people are not properly equipped by education to select the best rulers and the wisest courses. The people have no understanding and only repeat what their rulers are pleased to tell them. Such a democracy is tyranny or autocracy. – Plato

Which one of the following statements best reflects the crux of the passage given above?