So basically, socialism. A socialist oligarchy. Monarchies are basically socialist oligarchies where the inner party justifies itself deserving to rule by “royal bloodlines”.
Socialism, or its big brother communism, is even worse. It includes the illusion that the world can be a perfect place if government can just eliminate the bad elements in society, which happen to be anywhere from a quarter to half the population. Maybe more if there’s nothing to stop them. And then the rest live in total fear.