What you're describing is a mix of populism and plutocracy/kleptocracy/oligarchy, these can and do thrive under any type of political or economical system, they didn't wait for socialism to exist... and unless Putin and Trump are far left radical communists, they're implementing, in different ways, what you just described lmao.
you can't philosophy reality away with your academic theories. This is why research has to be validated with real life results. It's basic scientific theory.
