Whenever democratic theory makes its normative point about equality in society (Dahl 1989, 323ff.), it rests mostly on a moral appeal that is unconvincing because of its essential point that democratic procedures by themselves have an equalising effect
- Swiss Democracy by Wolf Linder
This sentence has three "it". The first and second one refers to "democratic theory", but I'm confised about the third one. Does it refers to "democratic theory" or to "moral appeal"?