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It wouldn't be recognized for what it is. Anyone that obtains elite levels of power would automatically get branded by even their own would-be supporters as a sell-out to the old elite. It would have to be an egoist in the truest sense, someone utterly impartial to anyone except their own morality.
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It seems unlikely that someone would ascend to elite status through politics in such a world. More likely, a natural elite would win the election based on their track record.