![]() An oligarchy is a system that is not necessarily composed of the wealthiest individuals in society. In this system, the rich influence the legislative process to suit their interests.Ĭambridge Dictionary states that an oligarchy is a system of government where the power is held by “a small group of powerful people.” Similar to plutocracy, the select-few that hold power in an oligarchy also form policies that will benefit themselves, leading to exclusion of other classes. To begin this article, it is first important to understand what a plutocratic oligarchy is and its basic differences from a democracy.Ī plutocracy is a main governing body composed of a nation’s richest people, according to Cambridge Dictionary. Learning what a Plutocratic Oligarchy is, and how it differs from a democracy You are ready to take some action? Skip to the actions section. Stating that a particular form of government is marching towards a plutocracy is therefore a cautionary warning sign that these undesirable actions should be stopped.įor example, President Theodore Roosevelt wrote in his autobiography, “Of all forms of tyranny the least attractive and the most vulgar is the tyranny of mere wealth, the tyranny of a plutocracy.It is important to ensure that the government works in the best interests of its people (the general public). In the modern vernacular, the term plutocracy is typically used in a pejorative sense to describe or warn against an undesirable condition. ![]() In that scenario, the oppression of the populace is more likely under these forms of government. ![]() They are almost always used to convey a negative impression, based on the belief-or fear-that the minority is more likely to work selfishly for its own interests than for the interests of the nation. In many cases, the affluent may influence decision-makers by legal and illegal means, such as lobbying, bribing, and funding election campaigns.īoth terms, plutocracy and oligarchy, represent the voice of a concentrated minority. In a plutocracy, the wealthy rule, but not always by being the elected leaders of the government. The group is chosen because of favorable factors such as military capability, wealth, race, political connections, religion, and education. This was reflected by the increased ability of the wealthy to significantly affect the nation's law-making and election processes, in tandem with the existence of the powerful oil, steel, and railroad monopolies.Īn oligarchy is a system of government in which a small group runs the government. Some modern economists and historians suggest that the United States was effectively plutocratic for the periods between the end of the Civil War (1865) and the start of the Great Depression (1929). Plutocracy Examplesįamous examples of plutocracies include Ancient Rome, the pre-World War II Empire of Japan, and the pre-Revolutionary Kingdom of France. The democratic concern of a plutocracy is that the wealthy will wish to maintain their power and, therefore, only represent the interests of the wealthy as opposed to people of all levels of education and income. Instead, plutocracies can gradually form by allowing sole access to essential political and educational resources that only the rich can afford. A plutocracy may not be the result of a planned system of government.
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