Maybe FR is a "stakeholder democracy" or a "corporate republic." Though members don't get a vote, we can vote with our (electronic) feet and/or with our donations. Jim has a tough job of balancing his decisions with what will make the average FReeper happy. Without its members, FR is just a web page.
That being said, I'd have to say I'm pretty happy with the management around here. The only thing I'd like to see (and maybe this already exists) is an explanation of where donations go.
Nope, it's neither. It's a privately owned institution, made available to its members. The members have no "stakeholder" interest and no voting rights, so it is not a democracy. The members do not elect the management or decision-makers, so it is not a republic. It's more like a large gathering of individuals who are welcomed by the owner to stay as long as they abide by the rules of the institution. Those who refuse to abide by the owner's wishes are required to leave, as is the owner's prerogative.
By the way, Jim, I think you do a great job and offer a great website. I spend way too much time here.