WASHINGTON (AP) – President Joe Biden in his farewell address to the nation on Wednesday, he warned that American democracy was sliding toward an “oligarchy” of tech billionaires. But what exactly is an oligarchy?
What is an oligarchy?
In short, an oligarchy is made up of an elite who control the actions of the government.
By using the pointedly negative term “oligarchy,” Biden equated this moment – one where the world’s richest men celebrate the president-elect Donald Trump – with some of the most brutal regimes in history.
CEO of Meta Mark Zuckerberg is expected to co-host a Trump inaugural reception with wealthy Republican donors next week. Amazon Prime Video, founded by a billionaire Jeff Bezosobtained exclusive licensing rights to broadcast and theatrically release First Lady Melanie Trump the new documentary by.
Meta, Amazon And Sam Altman, CEO of OpenAI last month, he donated $1 million to Trump’s inauguration fund. And billionaire That of Elon Musk super PAC spent about $200 million to help elect Asset.
But Biden made a complex assertion, as both Republicans and Democrats rely on Silicon Valley’s fortunes to bolster their political ambitions.
What are the origins of the term?
Like many words in politics, oligarchy comes from ancient Greek and literally means “few in command.” But unlike an aristocracy, an oligarchy is more closely tied to wealth than to nobility and family lineage.
The philosopher Aristotle wrote in his book “Politics” that “democracy is safer and freer from civil strife than oligarchy; because in oligarchies two kinds of conflicts arise: factions between the different members of the oligarchy and factions between the oligarchs and the people.
What are some examples of oligarchies?
Many countries have been called oligarchies by scholars. After the dissolution of Soviet Union in 1991former state assets and other institutions have come under the control of increasingly wealthy businessmen, known as billionaire oligarchs.
The mix of profits and politics that began under then-Russian President Boris Yeltsin gave way to repression of President Vladimir Putinwho has his own favorite oligarchs and is committed to letting them keep their fortunes as long as they remain loyal to him.
With its legacy of colonialism and powerful families, the Philippines has been accused of being an oligarchy, with its former President Rodrigo Duterte claims to have dismantled the system. Critics said he simply gave his preferences to a different group of oligarchs.
South Africa during the apartheid era was also considered by some scholars to have a white racial oligarchy.
Even before Biden’s speech, the growing wealth gap in the United States – as well as in China – raised concerns about whether the world’s two largest economies were becoming oligarchies.
Associated Press writers Lindsey Bahr and Dan Merica contributed reporting.
