It is correct that open frontiers make reallocation more difficult. Anyone who regards reallocating income and wealth as the essence of democracy must indeed consider integration and globalisation to be a threat.
If, however, democracy is seen rather as a control mechanism against undesirable political developments, then the international financial markets will be regarded, rather, as a supplement and less as a threat to democracy. Thus, the financial markets may often penalise an undisciplined fiscal policy quickly and massively. The burden arising from a long-term unsound policy therefore becomes evident much more quickly.