In my blog about big business and big money controlling America (here), I called America a plutocracy. I often hear other people call us an oligarchy. I was curious about the difference between an oligarchy and a plutocracy so here is the result of my research on that subject.
Merriam-Webster online dictionary says
Plutocracy
: government by the richest people
: a country that is ruled by the richest people
: a group of very rich people who have a lot of power
Oligarchy
: a country, business, etc., that is controlled by a small group of people
: the people that control a country, business, etc.
: government or control by a small group of people
David Rosen wrote an article on plutocrats v. oligarchs (here). He starts the piece with the derivation of the two words.
Oligarchy is defined as “government by the few” and came into English use around 1570. The term derives from two Greek words: oligos meaning “few” and arch for “rule”; similar English-language terms include monarch or hierarchy. Plutocracy is derived from the Greek ploutos meaning “wealth” and kratos for “govern.”
In light of the topic of my blog, I think that my use of the term plutocracy was the appropriate one although both words have their merits. The combination of the two words clearly identifies America today, a country controlled by and benefitting a few very rich people.
Thanks for reading and please comment,
The Unabashed Liberal
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