Yes? If by "running competently" you mean the prosperity of the general population and peace, sure, it's not that competent. But why'd you think that'd be their goal? If anything, Orwell's "1984" shows the mindset perfectly: keep the general public in misery, while skimming whatever cream there is; no need to try and grow the pie, there is enough for them, and the rest of the world can go buck itself.
