Perhaps not bad, but certainly undesirable for many. Concentrating economic power into a governing class can address many of the ill effects of extreme wealth disparities. However, concentrating the economic power in one place makes a society very vulnerable to corruption and surprise catastrophes. While traditional capitalism also concentrates economic power, a healthy capitalist society usually has those with wealth competing with each other on various fronts. However, one could argue that while either perfect capitalism or perfect socialism could yield a happy and prosperous society, neither has achieved perfection in practice.
