This is a tremendous achievement. There are some 2 billion people who do not live under democratically elected governments. The democracy is often seen as a process of government, which we call electoral democracy, whereas liberal democracy concerns itself not with who rules, but within what limits. One can have electoral democracies which are not rights protective. E.g. Belarus, Uzbekistan, Slovakia, Bulgaria, African countries.
Electoral democracy can be very vulnerable to populist demagoguery.
The danger of U.S. foreign policy is that we forget that democratization is at best a start on realizing human rights. Elections are not enough. Democracy in many emerging countries is see as a way of acquiring prosperity and a sense of control rather than a way of assuring widespread protection of human rights. The assumption about free markets is that they are the most efficient way to maximize the total quantity of goods and services with a given quantity of resources. Free markets may produce more, but they don't necessarily produce more for all.