I’ve heard of this concept, but holding people given a hobson’s choice of ‘elite group backed by vested interests’ A, B or C repsonsible for what the elite decides isn’t exactly fair.
Representative democracy is an oligarchy with a small amount of selection between rival factions of the oligarchy (aside from the occasional time of disruption, but that soon gets sorted out and the outside group gets coopted - look at the history of the Labour Party).
