A government controlled by a few wealthy people is referred to as a plutocracy.
What is a plutocracy?
- Plutocracy is referred to as a type of government controlled by a few wealthy people.
- The term is used primarily as a pejorative.
- It does not have any basis in political philosophy like democracy does.
- The term is used to either warn or deride the political status quo by emphasizing the faulty rule of those in power, who happen to possess massive wealth and income.
- This term has become all the more prominent after the Second World War where political analysts have elucidated the rise of plutocrats as being linked to post-war politics.
- Great economic decline and concentration of power and wealth in the hands of elites are among the chief causes attributed to a plutocratic order.
Therefore, a government controlled by a few wealthy people is referred to as a plutocracy.
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