It works well for everyone. The problem with government that is for and by the people, is that wealthy people are people too.
You're effectively saying that because you're worried about the "local wealth crowd" "capturing" government, you would prefer to make change in government more difficult and representation farther removed for everyone.
It's not clear how that would make it easier for the "non local wealth crowd" to affect change while it makes it harder for the "wealth crowd" ? Although maybe "local" is the key word here? I mean, that would imply that you're OK with global mega-corps capturing the federal level as long as they are not local companies. But I think I'd be straw-manning you to assume that's your position, and I'm not trying to strawman you. I'm just illustrating the logical conclusion of your idea if I take it at face value.
For what it's worth, I'm not a fan of protectionist economic policies. But if I were, I might offer that "local wealth" at least provides value at the local level (jobs, economic growth etc.) whereas global mega-corps have interests outside of the country.
In any case, it's not at all clear how making it less difficult for the "local wealth crowd" makes it easier for the "non local wealth crowd." As I see it, you just make government farther removed for everyone. Disadvantaging both groups equally. But if you're ideologically driven by a hatred of wealth and of capitalism, then maybe that's well understood and we are all sacrificial lambs on offer.