Wenger wasn't really responsible for the transfer business at all, it was David Dein ( before 2005) and Stan Kroenke ( after 2005) that are mostly responsible for that, but I agree he was a bit too stubborn at times. Kroenke never ever injected his own money into Arsenal, being the only owner to do so in the entirety of the 4 top divisions of England. As you can see from our "almost signed" list, Wenger wanted tons of players that Kroenke and the stadium move just wouldn't grant him. We have lived completely of our revenue, without any extra injection for years. When Kroenke took over, we where possibly the best club in the world, it is no coincidence he has overseen our entire decline. Kroenke hired Gazidis, and now Sanhelli, to buy marketable players, which is why we always buy attackers, instead of creating a balanced side.
The youth academy problem once again stems from the staff, in this case the youth academy manager, who was recently sacked.
Wenger wrote in his autobiography that he thought he had less and less control the longer he stayed at Arsenal, as we went from a club with 80 staff members to a club with 350, allowing Wenger very limited say in what the club did.
I fully agree that our squad is good enough to win most of our games and finish in the top 4. The real problem now is that we need to undo everything Emery taught the players, from backing off in the press, to not playing with intensity, to the constant sideways passing and inability to play through the middle. The players confidence is shattered as a result of constantly being told they need to adjust to their superior opponent.