Re: the question of *why* the old aristocrats might have been good, I can think of couple reasons. Historically, the successful long-lived republics have all basically been oligarchies controlled by ancient, wealthy families that more or less controlled all the levers of power. You're rich and powerful in the Republic because of what your family represents, and similarly you need to live up to the family name. Also, you're a legitimately rich guy who owns a lot of stuff, not just a particularly well-compensated employee, so you generally want rules that help you build stuff and not rules that stop you from building stuff. Meanwhile, you might also be tempted to set up a rent extraction operation via regulatory capture but the other families would rather you not do that because they are all also your business competitors in addition to being your political rivals.
Cutthroat meritocratic bureaucracy is more of a mainstay of imperial administrations. The levers of power are held by the emperor's well-compensated, well-educated employees. Those employees have a lot of power in that they make a lot of important decisions, but they are really just custodians of someone else's authority, they have no stake in anything except looking good *within* the system. This works really well if your goal is basically to just execute the emperor's will, since all the employee-administrators will compete with each other to execute it best. But they don't have competing self-interests that make them interested in a pro-business, pro-investment climate. And without a single emperor to hand down the goal of the state, the administrators basically just pick up their cues from whatever they think will increase their social standing within the bureaucracy itself.
The nascent tech takeover was basically just an attempt to combine these two ideas by having wealthy, business-interested meritocrats, but it turns out that they do a better job combining the flaws of both systems than they do combining their positives.
Re: the question of *why* the old aristocrats might have been good, I can think of couple reasons. Historically, the successful long-lived republics have all basically been oligarchies controlled by ancient, wealthy families that more or less controlled all the levers of power. You're rich and powerful in the Republic because of what your family represents, and similarly you need to live up to the family name. Also, you're a legitimately rich guy who owns a lot of stuff, not just a particularly well-compensated employee, so you generally want rules that help you build stuff and not rules that stop you from building stuff. Meanwhile, you might also be tempted to set up a rent extraction operation via regulatory capture but the other families would rather you not do that because they are all also your business competitors in addition to being your political rivals.
Cutthroat meritocratic bureaucracy is more of a mainstay of imperial administrations. The levers of power are held by the emperor's well-compensated, well-educated employees. Those employees have a lot of power in that they make a lot of important decisions, but they are really just custodians of someone else's authority, they have no stake in anything except looking good *within* the system. This works really well if your goal is basically to just execute the emperor's will, since all the employee-administrators will compete with each other to execute it best. But they don't have competing self-interests that make them interested in a pro-business, pro-investment climate. And without a single emperor to hand down the goal of the state, the administrators basically just pick up their cues from whatever they think will increase their social standing within the bureaucracy itself.
The nascent tech takeover was basically just an attempt to combine these two ideas by having wealthy, business-interested meritocrats, but it turns out that they do a better job combining the flaws of both systems than they do combining their positives.