"And in ideal capitalist society, everyone would work for the elite, with as small wages as people stay alive"
Who is saying things like that? In an "ideal" competitive capitalist society wages are created by the market as everything else. If your skills are sought you can command high wages, especially if unemployment is low. If unemployment is high wages will get lower. You can see this for example in software developers. In Silicon Valley where competition for the best people with the right skill is hard employees get ridiculous amounts of money. Sometimes people go back to Manchester capitalism to show that unhindered capitalism means low wages. The problem with this is, that this was a time of really high population growth coupled with lots of people leaving the countryside. I.e. the supply of workers was higher than demand -> the wages were low.
So unchecked capitalism = low wages is wrong. It is true though that people with low skills loose out badly.
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