The powerful can be oligarchs, but they by no means have to be, so I dislike the term but will use it for this thread.
Not exactly, but on a oligarchy-nonoligarchy scale, you are trending towards oligarchy, as are most countries I'm familiar with.
It's not exactly a new phenomenon.
Hammurabi's Law was game changing because it made laws legible for the common man, and made it more difficult for the powerful to manipulate the system.
Ancient Rome was a game changer because it introduced (in theory at least) equality before the law, making it more difficult for the powerful to manipulate the system.
Protestantism was a game changer because it insisted on preaching God's word in the local tongue rather than Latin, making it more difficult for the powerful to manipulate the system.
On the other hand, all the various forms of tyranny have special privilege for the powerful.
"This law applies to you, but not to me. This tax applies to you, but not to me. This obligation exists for you, but not for me. This exemption applies to me, but not to you. This right of veto applies to me, but not to you."
Generally, transparency and the abolition of special privilege is associated with human progress and the opposite with it's regress.
The problem for most countries in the Western world is that one can buy special privilege via (legal) contributions. It is not a problem I have a solution for, because contributions are necessary for popular rule to exist.
Abolish them and only the rich can afford to run for office. Regulate them and you have a class of bureaucrats deciding who gets to contribute what. Do not regulate them and the rich can afford to buy more privilege than the common man.
There is no easy solution. I guess the best we can do is to make contributions and privilege as transparent and accessible as possible.
I would like being able to ask my representatives why they voted for tax breaks to someone who contributed to their interests without having to give up my day job to do so.