1855, "actions characteristic of a demagogue;" see demagogue + -ery. Demagogy in the same sense is from 1650s, from Greek demagogia "leadership of the people." Demagogism is by 1824.
*dem-
demagnetization
demagnetize
demagogic
demagogue
demagoguery
demand
demanding
demarcate
demarcation
demarche