"The Republic of Venice being one example."
Singapore is a modern Venetian Republic. An oligarchy can work very well, and for a long time, so long as it delivers economic prosperity, low corruption and an effective and honest judicial system. Rich secure people don't usually tend to make rebels.
China has problems with the second and third points but they seem to be improving. The US and Britain seem to be going backwards on both (English law is perhaps now the most unaffordable in the world so effectively ordinary people are denied justice. It makes little difference if you have to bribe a judge or bankrupt yourself on £500 an hour solicitors.)
The Chinese government has to deliver on prosperity and that means R&D. British politicians are currently spending vast amounts of time on a referendum and trying to work out how many poor people they can safely piss off to keep Murdoch and Rothermere happy, instead of addressing things like energy and food security. It's going to bite us on the bum, but hopefully not too long before I'm dead.
Biting the hand that feeds IT
