As an aside, this is exactly what happens in Gibson's Jackpot.
> “Who runs it, then?”
> “Oligarchs, corporations, neomonarchists. Hereditary monarchies provided conveniently familiar armatures. Essentially feudal, according to its critics. Such as they are.”
That there's no way to vote your way out of this mess is most readily apparent in the UK, but it's true practically everywhere except Switzerland.
Switzerland, to some extent, shows that sometimes problems with democracy can be solved with. . . more democracy.