If democratisation is defined as the historical process of increased emancipation and empowerment of ever larger segments of society (as we saw in Europe since the middle ages), then i guess that socialism was one such strategy, focused on the empowerment of the masses of workers and farmers. However, as we all know from history as well, it didn't work out that way, for example in the ex-Soviet-Union or present day Cuba or North-Korea.

In my view point, It is important to note that democracy and capitalism are not necessarily mutually exclusive, and there is no universally agreed-upon democratization strategy that undoes capitalism. However, there are some political and economic theories that propose alternatives to capitalism and suggest ways to promote more democratic forms of economic organization. One example is socialism, which advocates for collective ownership and democratic control of the means of production. Socialist models emphasize the importance of meeting human needs and promoting social and economic equality, rather than prioritizing profits for private individuals or corporations. Some socialist models propose the establishment of worker cooperatives, public ownership of key industries, and participatory budgeting as ways to promote greater economic democracy. It is important to note that socialism has taken many different forms throughout history and that there is an ongoing debate among scholars and practitioners about the best ways to promote democratic and equitable economic systems.

Adding to Maqbool Hassan's reply, I would like to highlight Syndicalism and the Cooperative Movements throughout the world as examples for specific models of organizing production in a non-capitalist, but basic democratic, sometimes collectivist democratic way. Anyway, historic and contemprary examples illustrate that this might work out quite well, but comes along with increased needs for mutual committment, understanding and resonsibility. Prove of large scale functionality of democratic syndicalism/cooperatives is still pending...

Capitalism is the only form of economic organization that supports democracy. The empirical record is clear. Utopian theorizing is a threat to human lives. See my "Assaults on Capitalism and Democratic Backsliding." Asian Journal of Comparative Politics.