plutocracy etymology

Etymology

  • From Late Latin plūtocrātia, from Ancient Greek πλουτοκρατία (ploutokratia) "rule by the wealthy," from πλοῦτος (ploutos) "wealth" + κράτος (kratos_) "power, rule"

Meaning and Origin

  • A government or society in which the wealthiest citizens have the greatest influence or control over public affairs.
  • The origin of the term ploutokratia can be traced back to ancient Greece. In the 5th century BCE, the Greek historian Herodotus used the term to describe the government of the state of Lydia in Asia Minor. Herodotus noted that Lydia was ruled by a wealthy king and a group of wealthy nobles who controlled the state's finances and made decisions about public policy.
  • The term ploutokratia was later used by other Greek philosophers and historians to describe governments in which the wealthy had a disproportionate amount of power. Plato, for example, argued that plutocracies were inherently unstable and likely to lead to tyranny.
  • The term plutocracy was introduced into English in the 16th century. It was first used to describe the government of the Italian city-state of Venice, which was ruled by a wealthy merchant class. In the 19th century, the term was used to describe the governments of a number of European countries, including Great Britain and France.
  • Today, the term plutocracy is used to describe any government or society in which the wealthy have a disproportionate amount of power. Plutocracies are often seen as being unjust and undemocratic, as they give the wealthy a privileged position in society.

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