I. The dangers of conflicting irrational majoritarianism with enlightened consensus are, indeed, great in developing democracy.
II. Real democracy is about mediating the popular will through a network of institutional structure and the law of the land.
III. While law making and governance are meant to articulate the latter, the judiciary is supposed to protect the former from any kind of excess that might occur, unwittingly or otherwise, in the conduct of legislative and governmental functions.
IV. The principle of separation of powers is meant to embody a desirable tension between individual rights and social consensus.

Let’s consider the content of each sentence. Sentence IV introduces the "principle of separation of powers" and its purpose—creating a tension between individual rights and social consensus. This is a foundational concept, making it a strong starting point as it sets the stage for discussing how democracy functions within this framework. 

Sentence III follows logically, explaining the judiciary’s role in protecting individual rights (the "former" from IV) from excesses in legislative and governmental actions (which relate to social consensus, the "latter" from IV). It directly ties to IV by detailing how this separation is implemented. 

Next, sentence I warns about the "dangers of conflicting irrational majoritarianism with enlightened consensus," introducing a specific challenge within this system—majoritarianism versus a balanced consensus—which connects to the tension mentioned in IV and the judiciary’s protective role in III.

Finally, sentence II defines "real democracy" as mediating popular will through institutions and law, providing a broader conclusion that ties together the roles of governance, judiciary, and the balance of rights and consensus discussed earlier.