An oligarchy based on riches might be called a plutocracy, whereas one based on ethnicity or class might be called an aristocrat. Because the nobility’s money plays a role in maintaining their authority, certain oligarchies may be plutocratic. The greatest narrowly defined type of governance is a plutocracy, which derives its legitimacy only from the accumulation of money. The word plutocracy first coined by Socrates is now more generally used to describe the system of government in which the wealthy have all the power or are ruled by the rich. Oligarchies have a chequered past, marked by their need for popular submission or even persecution to maintain their power. As a result, these phrases are commonly employed adversely to convey apprehension that a minority in power would put its own needs above those of the nation.
Example no2 Oligarchies and plutocracies are either ruled by a small, self-serving elite.Example no1 Oligarchy is best shown by historic Spartans as well as the Vatican, whereas plutocracy is best illustrated by the Romans Emperor and the merchant kingdoms of Venetian.This is the best plutocrat definition according to the oxford dictionary. To put it another way, this elite group exercises control because of the tremendous riches it has. Therefore, plutocracy refers to a kind of leadership exercised by the rich.
The ancient Greek phrase Ploutokratia, signifying “government of riches,” is whence we get our language “plutocracy.” Accordingly, the fundamental qualification for membership throughout this minority governing elite under this form of governance is financial success. In addition, their authority is usually handed down down the generations by succession nevertheless, this is not necessarily the case.Ī plutocracy is a kind of governance in which decisions are made by a small group of very wealthy individuals. Absolute authority, therefore, rests with this select few, which may include business magnates, political heavy hitters, top commanders, religious leaders, intellectual heavy hitters, or affluent proprietors. That is to say, they stand for different kinds of administrations. Two different types of elite leadership structures are described by the terms oligarchy and plutocracy. Thus, plutocracy is an oligarchy, but its governing minority is distinguished by its extreme riches. Oligarchy refers to minority control by such an elite group, while plutocracy refers to minority control through the rich.
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