The "elite" will always be with us. The problem with the current elite is we permit them to ignore the externalities from their wealth-building - environmental, human, economic - and this has made them soft and rotten.
And hypocritical. Much is being made of the "socialization" of the losses of these so-called free-market capitalists, while profit is "deservedly" retained. Well, we've been socializing externalities from the get-go. It used to be called raping and pillaging.
A better class of elite, in fitting with their self-professed love of meritocracy, would emerge if there were an accounting for off-the-books exploitation.