Look, wealth is completely untied to productivity and value so the quality of management doesn't matter. That's why absolutely clueless incompetent management can and does reign.

The big money today is made through financial shennanigans and payoffs to politicians. The people in charge don't want to produce goods and services—they want money. And power. Period.

Incidentally, things aren't better in non-plutocracratic countries; they also use hierarchical management.