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A plutocracy is a government controlled by the wealthy, often resulting in economic inequality and limited social mobility. Wealth can lead to political power through lobbying, bribery, and campaign contributions. Critics argue that it promotes class disparity and systemic inequalities.
A plutocracy is a government ruled by the wealthy or controlled by wealthy individuals. The term is usually used pejoratively, because it implies a lack of democratic freedom and social mobility. Many historical governments were plutocracies, controlled by an elite class of wealthy people, and some modern governments have been accused of being plutocracies, including the United States government.
The term “plutocracy” comes from the Greek words plutos, or “wealth,” and kratia, or “ruler.” Many nations have experienced a state of plutocracy at some point, because wealth often comes with immense power, especially during the formative stages of a new country. Some countries that have valuable natural resources, such as oil and precious metals, have also experimented with this type of government because the entities that control these resources generally want to keep conditions favorable to them.
Wealth leads to political power
A full-blown plutocracy ruled by a handful of wealthy individuals is relatively rare in the modern era. The governments of many nations, however, are heavily influenced by wealth. Wealth can acquire political power through lobbying, campaign contributions, bribery, and other forms of legal or illegal financial pressure. Many nations have tried to limit the influence of the wealthy through laws that control things like campaign finances and lobbying, but these laws can be difficult to define and enforce.
Economic disparity
One of the hallmarks of a plutocracy is economic inequality. In nations where the wealthy control the government, the wealthy have a vested interest in preserving their wealth and promoting government policies that will improve their situation. As a result, people who don’t have that much money may not be able to make changes in their governments. Economic inequality can lead to social unrest, as members of the lower classes rebel against the dominant upper classes. Often, therefore, it is in the best interests of the wealthy to appease the masses rather than to exploit or dominate them.
Social immobility
Another common feature of a plutocracy is a general lack of social mobility. Plutocrats tend to socialize and intermarry, thus concentrating their wealth and making it difficult for lower-class people to improve their position in society. Ruling by the wealthy is also often associated with ethnic disparities, where members of the plutocracy have similar religious beliefs, ethnic backgrounds, and skin colors, while people of different religions and ethnicities remain trapped in the lower or middle class.
More criticisms
Some people believe that a plutocracy is not a just system of government. They argue that it does not promote the welfare of the population as a whole. Critics say it tends to promote class disparity and systemic inequalities.
