An oligarchy is a form of government where power rests with a small group of people. These individuals may be distinguished by royalty, wealth, education, corporate, religious, or military control.
The term originates from the Ancient Greek words “olígos” (few) and “árkhō” (to rule). Philosophers like Plato and Aristotle discussed oligarchy as a deviation from ideal governance forms. Plato viewed it as the rule of the rich, prioritizing wealth over the common good, while Aristotle considered it a corrupt form of aristocracy, where rulers govern for selfish purposes rather than for the benefit of all.
In modern contexts, the term often refers to situations where a small group of wealthy individuals exert significant political influence. For example, President Joe Biden, in his farewell address, warned that the United States risks transforming into an oligarchy dominated by tech billionaires. He cited figures like Elon Musk, Mark Zuckerberg, and Jeff Bezos as examples of individuals whose wealth and influence could pose a threat to democratic processes.
Sociologist Robert Michels introduced the “iron law of oligarchy,” suggesting that all complex organizations, regardless of their initial democratic intentions, eventually develop oligarchic tendencies. He argued that as organizations grow, decision-making power becomes concentrated among a few leaders, making true democracy within these entities challenging.
Concerns about oligarchy are not limited to the United States. Countries like Russia and Hungary have experienced close ties between political leaders and wealthy business figures, raising questions about the influence of money in politics. These dynamics can lead to policies favoring the wealthy, potentially at the expense of broader societal interests.