That's why the pre WW1 European electoral systems worked fairly well. In the UK voting rights were restricted to rich men and in Germany the votes of rich people were given greater weight in parliamentary elections. If you have an oligarchy for industrialists, you will get more industrialization (at the cost of labour rights)
the electoral rights of the ordinary people tend to be correlated with economics and technology. this is the classic theory of historical materialism, which is supported by evidence.
From ancient times onwards, up until WW1, the average person was barely literate, and thus not educated enough to make an informed decision about governance. Monarchs and tyrants were the norm. Although the general trend even for monarchies has been towards granting more freedom towards citizens, still in 1900 the average country was a monarchy. From the major empires of Imperial Russia, China, Germany, Japan, UK, Turkey, etc. down to small countries like Egypt and Greece, emperors and kings were the governors of choice (or lack thereof). This was reasonable - if economics and technology only enabled a small portion of the population to have the time and energy to dedicate to learning statesmanship and governance, what better candidate than someone from a family literally raised from birth to govern?
Popular elections before 1920 were rare and mostly in places where major conquests and superprofits allowed people the spare time and education to think about governance; despite that, those elected still tended to be major business owners and generals, not an ordinary person.
starting in the early-mid 20th century there was a coincidence between the level of technology available and the spread of universal 9-12 year education. the average high school graduate could grasp the concepts of the day and make a somewhat informed decision. This is why we saw the explosion of popular electoral politics in this era, and an end to most kings and emperors. Mature industrialization demanded a massive, moderately educated population which could understand relevant issues and vote in their own interests. Thus the burdensome overhead of dealing with a royal family was done away with.
today, a similar situation may be occurring. I can't judge whether it actually is occurring, but there is evidence that the complexities of governance may once again be exceeding the citizen's capability to understand it. However, because the complexities can be learned in the context of a universally educated population there's no need to go back to royal families and raising rulers from birth. The economics dictate that a broad candidate pool is most effective, and to choose from the best candidates in that pool. The selection process may not necessarily be purely a popular vote anymore, as voters can be swayed away from their best interests.