In an insightful recent article on the Liberalism.Org website, prominent libertarian political philosopher Matt Zwolinski argues that libertarians should place a higher value on democracy:
Ask someone what a classical liberal believes, and you'll get a familiar list. Classical liberals stand for private property. They stand for free markets and limited government. They believe in the rule of law, free trade, free speech, and religious toleration. Give or take an item or two, you'll find something like this list in any textbook summary, or on the "about" page of most classical liberal think tanks. And it's a good list, as far as it goes. Each of those commitments has a long history in the tradition, and each has been defended by some of its best minds.