ah yes, I remember the prime caveat of capitalism where having a few people with all the decision making power at the top causes the wisdom of the crowd to make better micro economic decisions.
There is no functional difference between a handful of plutocrats deciding capital allocation and a handful of monarchs deciding capital allocation. If you are pro capitalism you should be against letting wealth, and the associated decision power, accumulate in a few individuals
there is a meaningful difference between monarch deciding capital allocation and a CEO deciding how to spend money on their own company.
China is a good example - they had something like a monarch allocating capital throughout the country and setting prices. Even they realised it is not scalable.
There is no functional difference between a handful of plutocrats deciding capital allocation and a handful of monarchs deciding capital allocation. If you are pro capitalism you should be against letting wealth, and the associated decision power, accumulate in a few individuals