![]() Like democracy, plutocracy is a controversial, value-laden, and imprecise term. The term is derived from the Greek word ploutokratia, meaning "government based on wealth" - combining ploutos, wealth, and cratos, rule or government. So, what exactly is "plutocracy" and what are its main characteristics? For analytical and comparative purposes it is necessary to define a concept that provides a clear idea of what plutocracy is and what its essential elements are. In this respect there is a gap in the theoretical literature that cries out to be filled. PRESIDENTIAL ELECTION AND RECENT FINANCIAL SCANDALS involving high-flying American CEOs and top politicians in Italy, France and Germany have revived the more than century-old debate about the role of money in politics in general, and the illicit marriage between government and concentrated economic power known as plutocracy in particular.(1) Today the term plutocracy is used repeatedly, albeit rather casually, by social critics, such as 2000 Green Party presidential candidate Ralph Nader and commentators like Kevin Phillips, Paul Krugman, Paul Kurtz, William Keegan (who has unwittingly revived the old Paretian term "plutodemocracy"), and others.(2) But very few users have bothered to define clearly the term plutocracy and its differentia specifica. However, lobbies, as pressure groups trying to influence the government, are also an example of plutocracy. A plutocracy that, as we said at the beginning, sometimes becomes a synonym or a variant of the oligarchical system.THE LAST U.S. In this way, by controlling the credit and financing of families and the Government, banks can influence the decisions that these agents must subsequently adopt. ![]() In this way, the rulers, to have the support of these media, yield to the ruling class.Īs these mechanisms are discussed, other scholars have referred to the financial “establishment” as a form of plutocracy. Control of the media: Through the media, the ruling class tries to influence the population, influencing their vote and, therefore, power. ![]() Funding of political parties and campaigns: The enriched society finances the events in which politicians intervene, and helps to keep them in power. All this, in order that they, later, attend to their interests.However, as we said at the beginning, there are mechanisms that allow dominant societies to continue to maintain power. However, with the passage of time, societies were gaining rights, so a direct plutocracy is not possible that, in this case, is accepted by the people. Plutocracy, in ancient times, was a frequent way of managing a government. The interests of a few prevail over the generals.Economic and social inequality is fostered .It is very similar to how estamental societies work.It is an unfair system, since not everyone can influence.Therefore, among the disadvantages that this system presents, the following should be highlighted: Since we are talking about a concept used in a pejorative sense, we must highlight the disadvantages of a plutocracy. The features Plutarchy system of government presents, and that define it, are the following: Therefore, the plutocracy is that system in which those who have economic power, directly or indirectly, control the power of the State. And is that the name of this system comes from the concept Pluto, which is, in the mythology of Ancient Greece, the god of wealth. This form of government, even if there is no plutocracy as such, could also be present. This, when politicians in power only serve the interests of those who possess economic power. All this, in exchange for these, with their money and influence, to keep them in power for as long as possible, or, sometimes, in exchange for money and financing for their electoral campaigns. In other words, and as in the oligarchy, power falls on a few, who are also those who possess the greatest wealth. In territories where there is a plutocracy, the ruling classes, who own the wealth, also control the power of the State. Thus, we are talking about a system in which the society that possesses material resources, in the same way, possesses political power. Plutocracy, therefore, is one of the many ways in which a government can run. Plutocracy, like Oligocracy or Oligarchy, is a form of government that develops when a wealthy individual or richest people in the society holds power and, therefore, runs the State.
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