"oligarchs used to look after their people...".
This is not exactly true. School teachers used to be paid by the parents and were directly answerable to them. And parents cared that their children were taught properly. Now we have neither. Lack of family structure and teacher unions that don't care about good teachers don't exactly make for good education.
Transferring education completely to the control of the government results in the education system equivalent of the U.S. Postal System.
...do things that make them fulfilled...
Right. That's the hard part. Most people end up doing things that contribute more to the destruction of themselves and society as a whole when given all this 'free' time and endless pursuit of pleasure. It's human nature to do so. In the end, it's hard to say there's a net gain.