Yes - makes sense to me.
Haven't read Adam Smith - is on my list. But I can see this.
Kind of how democracy can devolve into whatever we have now in so many countries.
Discussion
It is refreshing to have a conversation with someone open minded. I can assure you, if you can present a sound case with logic and reason, I will capitulate on my opinions as well.
Adam Smith is a must read, as well as Joseph Schumpeter.