The term “oligarch” often evokes images of modern billionaires, but the concept of oligarchy—where a small elite controls wealth and influence—has historical roots, especially in the 19th century. This period was pivotal for shaping today’s global oligarchic class, emerging alongside rapid industrialisation. Key figures like Andrew Carnegie and John D. Rockefeller exemplified the rise of industrial capitalists, challenging the dominance of land-based wealth held by hereditary aristocrats.
As industrial magnates amassed fortunes, they not only transformed city skylines but established societal legacies and educational institutions, reinforcing class distinctions. By the late 1800s, the intertwining of wealth and influence meant industrialists shaped various sectors, including media and public works, fostering immense technological advancements but also growing labour unrest and inequality.
The oligarchs’ influence, securing social legitimacy through media and legacy-building, laid foundational structures that continue to impact contemporary economies. The legacies of these industrialists echo in today’s corporate landscapes, illustrating how historical oligarchy laid the groundwork for current economic systems. Understanding this history is crucial for recognizing the continuing patterns of wealth concentration and influence in the modern world.
