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Well, that’s a grim way to look at it what with the oligarch chunk being immutable.
A weirdly marxist grim way to look at it, though, I’ll give it that.
Just because the core of his work is bad science, it doesn’t mean he didn’t get a lot of facts right.
And also, countries have a unsettling tendency of moving a full step in development when its people get mad enough and kill all of the oligarchy. It’s not very clear to me if it’s the only way to do some steps forward, but it also has a good chance of making a worse oligarchy and moving a step backward.