However, he then goes on to say that the polling booth is our hope.
Oh well, hope springs eternal I guess.
Those who have money, connections and who are willing to put in the effort rise to control institutions and governments. That’s unavoidable, but the author may not be wrong in seeing a way around it. The “circulation of elites” means that elites are constantly changing, adding new members and groups as others fall away. It could also refer to the repudiation of one elite at the ballot box and replacement with another, couldn’t it? We don’t escape from elites and oligarchs, but we may have some control over which ones govern us, so long as our votes actually do count and are counted.