Joe Biden, in his farewell address, expressed concern about the emergence of an “oligarchy” in America, a sentiment echoed by Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders. The article explores whether the U.S. qualifies as an oligarchy and the implications of this trend. Oligarchy, rooted in ancient Greek philosophy, refers to a system where a small elite governs for their own enrichment, leading to widespread societal disadvantage. Biden defines it as extreme wealth and influence threatening democracy, while Ocasio-Cortez emphasizes the destruction of the public good for personal gain.
The concept aligns closely with “plutocracy,” where wealth directly translates to political power. Political scientist Jeffrey Winters notes that oligarchy can coexist with democracy, but as wealth concentration increases, democratic redistributive efforts are hindered.
Historical data indicates rising economic inequality in the U.S. since the late 20th century, with a marked discrepancy between the incomes of ordinary workers and the wealthy elite. Campaign finance dynamics further empower the rich, who dominate political funding and influence policymaking, often against the average citizen’s interests.
As political trust wanes and discontent grows among the populace, many see the political system as broken. Trump’s populism exemplifies a “plutocratic populism,” redirecting anger from wealth disparity to divisive cultural issues. The article warns that escalating inequality may compromise democratic support, with potential future scenarios suggesting a decline into autocracy if the balance of wealth and democracy isn’t addressed. It’s suggested that we may soon have to choose between maintaining democracy or enduring extreme wealth concentration.
