A plutocracy is a form of government in which power is held by the wealthy, either directly or indirectly. The term originates from the Greek words "ploutos," meaning wealth, and "kratos," meaning power or rule, reflecting a system where economic elites dominate political decision-making [1][2][3]. Unlike democracy, where power is ideally distributed among citizens, or aristocracy, where rule is often based on hereditary privilege, a plutocracy specifically centers wealth as the primary determinant of authority [4][5].
In a plutocratic system, the rich may govern explicitly by holding key positions of power or implicitly by influencing policies through mechanisms like campaign financing, lobbying, or media ownership [2][4]. This often results in laws and regulations that favor the interests of the wealthy, such as tax cuts for high earners or deregulation benefiting large corporations, which can exacerbate income inequality and limit political representation for lower-income groups [3][4]. While not typically formalized as an official system, elements of plutocracy can emerge within other forms of governance, including democracies, when economic disparities allow the affluent to disproportionately shape political outcomes [3][4].
Historically, examples of plutocracies include the Roman Republic (509 B.C. - 27 B.C.), where a wealthy senate of aristocrats controlled policy and elected officials, and the United States during the Gilded Age (1876 - 1900), a period marked by the influence of "robber barons" like J.P. Morgan and the Rockefellers, who wielded significant power over public policy [2][6]. In contemporary discussions, the United States is often cited as exhibiting plutocratic tendencies due to the outsized role of wealth in elections and policymaking, though opinions vary on whether it fully constitutes a plutocracy [2][3].
A plutocracy is distinct from an oligarchy, which refers to rule by a small elite group not necessarily defined by wealth. Only when that elite is predominantly wealthy does an oligarchy overlap with a plutocracy [2][6]. Critics of plutocratic systems argue that they undermine democratic ideals, foster social unrest, and prioritize the needs of the few over the many, often leading to calls for reform [3][6].
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- https://en.wikipedia.org/wiki/Plutocracy
- https://www.investopedia.com/terms/p/plutocracy.asp
- https://www.ebsco.com/research-starters/political-science/plutocracy
- https://www.youtube.com/watch?v=IA-cRfJrYLU
- https://www.vocabulary.com/dictionary/plutocracy
- https://study.com/academy/lesson/plutocracy-overview-government.html
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