NPR’s Ailsa Chang discusses the growing concern of oligarchy in American politics with Jeffrey Winters, a political science professor at Northwestern University. He defines an oligarch as a wealthy individual who uses their financial power for political influence, often to protect their own wealth.
Outgoing President Joe Biden highlighted this issue in his farewell address, likening today’s wealthy elites to the robber barons of the 19th century, noting their significant political influence. Winters agrees, stating that while oligarchs have always existed, their visibility and the public’s awareness of their power have increased markedly in recent years.
He acknowledges the benefits of having successful business leaders share insights with government but emphasizes that past practices required these figures to remove themselves from their financial interests to prevent conflicts. Winters discusses the risk of a close relationship between the presidency and the ultra-wealthy, suggesting it mirrors historical patterns but is more visible than before, potentially leading to public backlash akin to past eras of inequality.
He notes a significant upward shift in wealth over the past 50 years, with little benefit to the broader population, and concludes that the current visibility of oligarchs poses risks not previously faced.
