The article discusses the evolving power dynamics in America, particularly highlighting the prominent presence of tech billionaires like Elon Musk, Jeff Bezos, and others during Donald Trump’s second inauguration. This gathering symbolized a potential shift towards “a new kind of American oligarchy,” reflecting concerns that a wealthy few are exerting disproportionate influence over governance.
The Atlantic has long engaged with the idea of oligarchy, first mentioning it in 1860 during its endorsement of Abraham Lincoln. Historical references throughout the magazine have linked oligarchy to various socioeconomic structures, from the southern political hierarchy post-Civil War to the corporate dominance highlighted during the early 20th century’s trust-busting era.
As economic inequality has surged, worries about the emergence of a contemporary oligarchy have intensified. Anthony E. Morgan’s 1934 observations about respected institutions acting as oligarchies resonate today. Recent articles have echoed these sentiments, suggesting that without proper oversight, the concentration of wealth and influence among the elite poses a significant threat to democracy and justice in America.
