An argument made against democracy is that the people are incompetent to govern themselves. That may be true. But history shows the same is most likely true of the elites.
The Soviet Union certainly wasn’t a well run country. Nor was Mussolini’s Italy — it was a lie the trains ran on time. It took the Third Reich’s elites about ten years to reduce their nation to rubble. And we’ve just been offered evidence that government by elite Wall Street insiders does not work all that well in the US.
One could go on and on: Elites down through history seem to be no wiser than anyone else when it comes to government. The notion that a privileged class is better at governing a people than the people themselves does not seem to have rational support.