![]() The concept of plutocracy is closely linked to that of oligarchy, which is nothing other than the government of a few (from the Greek oligos , “few” and arko , “mandate”). It could well be said that the plutocracy is a form of oligarchy, since the economic elites are always a minority compared to the rest of the common people. The economic elites are a minority compared to the rest of the town. These powers are usually more or less invisible in political debate , which is why they often play the role of the power behind the throne, that is, they pull the invisible strings of politics . If republican democracies as we know them function based on the coexistence and mutual regulation of public powers , they are often vulnerable to the so-called economic power, that is, to the influence of capital and the interests of the wealthiest classes in the task. Public powers are subject to binding instructions from the elite.The rulers are therefore accountable to the plutocrats before the people.Plutocrats can revoke the mandate of elected rulers. ![]() The rulers repay the support of the economic elites favoring their needs over the general will of the population.In that sense, plutocracy usually implies the following: It should not be confused with systems of political participation that require a minimum amount of wealth to vote , for example. The distinctive feature of the plutocracy is the management of public powers in favor of the particular interests of the nation’s economic elite , whatever the mechanism of participation or the political system in question. The traditional precept of plutocracy refers to the control of the government of a nation by its economic elites , who have the mechanisms of the political system to enact laws that benefit their interests, whether or not they are detrimental to the rest of the population . The plutocracy manages public powers favoring the interests of the rich. This term was used for the first time by the Greek historian and philosopher Xenophon , to refer to the Athenian society prior to the reforms of Solon, whose political congress was controlled by the large landowners and owners of most of the slaves, forcing the enactment of measures that excluded the lower classes from the government and allowed them to rule freely. The word plutocracy comes from ancient Greek , from the words “ ploutos ” (wealth) and “ krathos ” (power, government). The plutocracy does not obey any political theory , but consists of the same republican democracy in whose functioning the wealthiest stratum of society plays an excessive role. It is, therefore, a risk of any system, and in this sense the term “ plutocracy ” or “ plutocracy ” is used in a derogatory way.Ī plutocracy will then be a government of the rich and for the rich . The plutocracy is a type of oligarchic government , that is, where few make decisions for many, whose ruling elite is also the economic elite. In other words, it is the government of the rich sectors of society , always a minority compared to the poor. Also, what are its general characteristics and examples. We explain what the plutocracy is and how it relates to the oligarchy. “How Citizens United altered America’s political landscape.” The Hill, January 21, 2020. “The Costs of Inflation Revisited.” George Washington University, 2003. ![]() “Majority of lawmakers in 116th Congress are millionaires.” OpenSecrets, Center for Responsive Politics, April 23, 2020.
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