Giving too many people access to political power is unwise, though such ideas are contrary to contemporary democratic ideals.
So you have basically become a monarchist, for all intents and purposes. Good luck with that.
I personally would rather have a ruling class that has power by virtue of inherited title
As if this has ever actually worked at any time in history in any civilization. Āryadeva points out the foolishness of this kind of thinking in 400 Verses. He clearly advises kings that kings (and leaders in general) rule because of the power the people invest in them and not otherwise.
It is in the interests of a landed aristocracy to look to the well-being of their populace because their power base depends on them, not business activities. I'd rather have real kings than kingmakers, so to speak.
Pure romanticism. The landed aristocracy in western England, for example, left their people starving and in rags. In France it was worse. Russia, even worse. There have been very few "enlightened" kings in history capable of ruling with a fair hand and with the benefit of their people as their chief priority. Mostly they are the descendants of plundering mercenaries and invaders, for example, like the Normans. Further, history shows that in general, generations of landed aristocracy become increasingly more corrupt and exploitative. It is just a form of primitive capital accumulation, that's all.
In any case, our present models in the west are rapidly unwinding. We have a lot less freedom now than our grandparents did, which should be alarming, but for many it isn't.
Yes, but that is a social consequence of technology and economics. We also have a great deal less crime in the West than we did fifty years ago. The reason US prisons are so full is because of our ridiculous and ineffective drug laws.
As time goes on democracy will fail, tyranny will solve the problems of the day (probably at the cost of many lives) and then people will probably look back with disgust at the models of society and government we so often cherish today. Such is how political cycles operate in western civilization.
Maybe, maybe not. Personally, I don't believe that in our lifetime there will be much change in the world political balance status quo unless it is driven by a major energy crisis, or because of escalating climate instability. Even so, here in the US, I don't foresee much true political instability. Our system is actually fairly distributed and decentralized.