Last week's Palestinian elections, which I had the privilege to observe, were universally regarded as a great success. But they are only the first step in establishing real democracy for Palestinians. The question now is whether the victorious Mahmoud Abbas will use his mandate to turn the Palestinian Authority into a governing body that genuinely represents its people, and strive to lay the groundwork for negotiations with Israel that could lead to the creation of a Palestinian state. Some have called on President Bush to "seize the moment," and quickly broker some kind of a deal. But a better approach...