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(There is third option, dispersing very widely into a metapopulation where local population extinctions are counterbalanced by re-colonisation. For this issue I do not think it is plausible we can get to that state soon enough for it to matter.)
One of the interesting twists of wanting to put democratic control on powerful technologies is of course that everybody is a stakeholder and presumably should have a say - including people in other countries.
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A cross-party coalition of over 30 MPs and Senators are calling for Canada to negotiate an international prohibition on the development of superintelligence, recognizing the risk of human extinction posed by the technology.
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In the long run, I expect humanity to gain strong global coordination abilities one way or another, or be extinct. It is basically a selection effect rather than historical inevitability or moral imperative. It would be nice if we decided to do the smart, obvious, but hard thing.
"Democracy means the majority should always be able to decide exactly what gets produced" basically destroys any chance of pluralism that we have, across every axis. It doesn't allow people with very different values to live together. I sometimes wonder how many people saying this grew up in more conservative small towns like I did.