Exactly. So instead of electing the people who will allocate the resources, the people who are successful in one thing are given the right to manage the resources for whatever they wish and they can keep being very wrong for very long time when other people are deprived from the resources due to the mismanagement and can't do anything about it.

In theory I guess this creates a demand that should be satisfied by the market but in reality it seems like when the wealth is too concentrated in the hands of the few that call all the decision the market is unable to act.