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Actually it tends to degrade into oligarchy at worst, or transition into polity at the best. Ending up that way is the fate of oligarchies.

I am talking about classical philosophy, as in literally rule by the best. I have already explained this, just because there has been semantic drift doesn't stop the old meaning from still applying.

I wouldn't doubt it. Such people want the ability to tyrannize others as much as they please. Also the rapine greed of the elite seems to have no end, or rather the oligarchs. There is a reason why I have become skeptical of any economic system that centralizes power as of late (or any political...