Everything about Plutocracy totally explained
Plutocracy is rule by the wealthy, or power provided by wealth. In a plutocracy, the degree of
economic inequality is high while the level of
social mobility is low. This can apply to a multitude of government systems, as the key elements of plutocracy transcend and often occur concurrently with the features of those systems. The word
plutocracy (Modern Greek: πλουτοκρατία - ploutokratia) is derived from the ancient
Greek root
ploutos, meaning wealth and
kratein, meaning to rule or to govern.
Usage
The term
plutocracy is generally used to describe two distinct concepts: a historical term and a modern political term. The former indicates the political control of the state by an
oligarchy of the wealthy. Examples of such plutocracies include some
city-states in
Ancient Greece, the
Italian merchant republics of
Venice and
Florence, and
Genoa.
Kevin Phillips, author and political strategist to
U.S. President Richard Nixon, argues that the
United States is a plutocracy in which there's a "fusion of money and government." .
Modern political
The second usage of
plutocracy is a
pejorative reference to a disproportionate influence the wealthy are said to have on political process in contemporary society. Positive influence includes campaign contributions and bribes; negative influence includes refusing to support the government financially by refusing to pay taxes, threatening to move profitable industries elsewhere, and so on. It can also be exerted by the owners and
ad buyers of media properties which can shape public perception of political issues. Recent examples include
Rupert Murdoch's
News Corp's alleged political agendas in Australia, the UK and the United States or the oil industry
oligarchy, and billionaire
Richard Mellon Scaife, which may back right-leaning
political action committees (PACs), as well as billionaire
George Soros' efforts to influence US politics by backing left-leaning PACs.
Recently, there have been numerous cases of wealthy individuals and organizations exerting financial pressure on governments to pass favorable legislation. (see:
Lobbying) Most western democracies permit partisan organizations to raise funds for politicians, and it's well-known that political parties frequently accept significant donations from various individuals (either directly or through corporate institutions). Ostensibly this should have no effect on the legislative decisions of elected representatives; however it would be unlikely that no politicians are influenced by these contributions. Some describe these donations as
bribes, although legally they're not. In the
United States,
campaign finance reform efforts seek to ameliorate this situation. However, campaign finance reform must successfully challenge officials who are beneficiaries of the system which allows this dynamic in the first place. This has led many reform advocates to suggest taxpayer dollars be used to replace private campaign contributions, these reforms are often called clean money,
clean elections reform as opposed to simply campaign finance reform which doesn't address the conflict of interest involved where most or all of the campaign money is from private, often for-profit sources. Critics of so-called clean elections point out that that having the government decide which candidates would receive tax dollars and therefore be allowed to run would create an effective
dictatorship where the government decides who the people can vote for.
Forms of control
A Plutocracy is a government controlled by a minuscule proportion of extremely wealthy individuals found in most societies. In many forms of government, those in power benefit financially, sometimes enough to belong to the aforementioned wealthy class.
Classically, a plutocracy was an
oligarchy, which is to say a government controlled by the wealthy few. Usually this meant that these ‘plutocrats’ controlled the executive, legislative and judicial aspects of government, the armed forces, and most of the natural resources. To a certain degree, there are still some situations in which private corporations and wealthy individuals may exert such strong influence on governments, that the effect can arguably be compared to a plutocracy.
Further Information
Get more info on 'Plutocracy'.
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