Back in the day, the royals and nobles had all those other things. Whether within themselves (as their sycophants proclaimed) or right at hand - because the wealth, power, and prestige of their courts could easily attract the best and brightest talents within their realms.

As the article somewhat points out, "network effect" is - at most - a means. Not an end. And the narcissistic group-think and badly limited worldview that the article describes at Ivy League schools sounds very much like the worst failings of those old noble and royal courts.