You can interperet it to justify that sort of government sure, it doesn't have to be like that though.
it's always well-intentioned at the start (at least towards the in-group), but i think that sort of thinking in itself is dangerous (if it actually gets any power) - that sort of in group/out group stuff should ring alarm bells with anyone not in the in group imo (and everyone's in someone's out group).
Ironically it's arguably more or less how things are run now (as shambles said). The same thinking as Edward Bernays (father of modern propaganda) and his sort of modern equivalents the neo conservatives: 'the great unwashed masses couldn't possibly understand the real issues like us captains of industry (or 'intellectuals' as they'd say) - so we should quietly run things behind the scenes while creating simple myths of good and evil to keep them entranced with'.
I think it shows not only contempt but lack of understanding for the mass of 'common' people, who aren't at all 'thick' if you ask me (being one myself) anymore than the average in any group of people. Maybe their 'cultural traits' or the nature of their education make them appear 'thick' to someone with more 'refined' traits, but i'd contest that their raw intelligence (when not measured by class biased methods) will show the same spread as say an equivalent group of the upper class.
Ignorance is not necessarily the same as lack of inherent intelligence - if you're duped into ignorance by authorities who you trust (maybe you should know better), it's not because you're thick but too trusting (which isn't a bad trait). Anyway, the common people these days are very much not duped by the political/corporate establishment - whether this expresses as ukip, respect, or just common views such as 'they're all crooks', this shows awareness that many in the political establishment are still miles away from, believing as they do in the fundamental rightness of the system (handily, as it maintains their privelige)
Don't forget that the thicko masses still managed to have enough about them to make stuff like the peasants revolt, the chartists, spartacus, haitian slave revolt etc happen.
What's wrong with democracy anyway? (bearing in mind we haven't really tried it in the uk yet)