Tag: What Does Oligarchy Mean?

NOVANEWS The typical American has no influence at all by: Robert Reich “We can have democracy in this country or we can have wealth concentrated in the hands of a few." (Photo: Illustration by GraphicaArtis/Getty Images) “Oligarchy” means government of and by a few at the top, who exercise power for their own benefit. It comes from the Greek word oligarkhes, meaning “few to rule or command.” Even a system that calls itself a democracy can become an oligarchy if power becomes concentrated in the hands of a few very wealthy people – a corporate and financial elite. Their power and wealth increase over time as they make laws that favor themselves, manipulate financial markets to their advantage, and create or exploit economic monopolies that put even more wealth in...