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It stops the masses from going into revolution. If people realized that they have no political power, then they would question why the elite is ruling them, and social discontent would set in. From its early beginnings in the 19th century modern democracy was conceived as a cure against revolution.
Jeremy Bentham (1748-1832) was an English philosopher who formulated some of the early theories of modern government. He said that "the French Revolution was necessary for Europeans so that they would know that they should never have another one again". In England the common people (wealthy men, but not women or the poor) were given the vote in response to the ever increasing threat of a revolution like the one France had. Later on that same idea, together with Thomas Jeffersons views on government, influenced the new United States of America to give the franchise (power of vote) to "elegible" men. Initially only wealthy landowners could vote, but as the populace grew more and more discontent, it became necessary to give them the ability to vote.
Of course, voting gives an individual a very tiny amount of political power. The theory is that collectively the masses can change the political system by casting their individual votes. If somehow the way people vote can be manipulated, then the elite secures itself in power. That is why elections come with massive spending on propaganda, character assassination, mud slinging, etc. Wealthy individuals will sway elections in their favor with the power of their money.
In real life once a government is elected, accountability evaporates and those elected do whatever they want. Modern democracy is a system in which individuals vote to chose their dictators. The political parties will fight and pretend to represent the interests of voters, but in reality they are representing the interests of the wealthy elite. As long as the populace believes that they are free and they have control over their government, then they will never go into revolution and the status quo will remain.