The central aim of this article is to analyze the conception of “protected democracy”, formulated by Pinochet’s military dictatorship, which is still in place in its central features in the Constitution of 1980 and its political Acts. Likewise, the paper analyzes the main theoretical sources of the conception of “protected democracy” and, finally, defends the idea that the democratic transition will not end until such a conception will be replaced by a democratic and truly participative new conception of democracy.El propósito principal de este artículo es el de exponer la concepción de “democracia protegida”, elaborada por la dictadura militar de Pinochet, la cual continúa vigente, en sus aspectos centrales, mediante la Constitución de 1980 y las leyes políticas adjuntas. Asimismo, se identifican sus principales fuentes teóricas y, finalmente, se expone la idea que no terminará la transición democrática, mientras esta concepción no sea sustituida por una concepción democrática actualizada y verdaderamente participativa.