A plutocracy (from Ancient Greek πλοῦτος (ploûtos) 'wealth' and κράτος (krátos) 'power') or plutarchy is a society that is ruled or controlled by people of great wealth or income. It can be considered a specific form of oligarchy (rule by the few) where the ruling few are wealthy. The first known use of the term in English dates from 1631. It is not rooted in any established political philosophy.
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👉 Plutocracy in the context of Elite
In political and sociological theory, the elite (/ɛ.ˈliːt/ or /ɪ.ˈliːt/; from French: élite, from Latin: eligere, to select or to sort out) are a small group of powerful or wealthy people who hold a disproportionate amount of wealth, privilege, political power, or skill in a group. Defined by the Cambridge Dictionary, the "elite" are "the richest, most powerful, best-educated, or best-trained group in a society".
American sociologist C. Wright Mills states that members of the elite accept their fellows' position of importance in society. "As a rule, 'they accept one another, understand one another, marry one another, tend to work, and to think, if not together at least alike'." It is a well-regulated existence where education plays a critical role.
In this Dossier
Plutocracy in the context of Criticism of capitalism
Criticism of capitalism typically ranges from expressing disagreement with particular aspects or outcomes of capitalism to rejecting the principles of the capitalist system in its entirety. Criticism comes from various political and philosophical approaches, including anarchist, socialist, religious, and nationalist viewpoints. Some believe that capitalism can only be overcome through revolution while others believe that structural change can come slowly through political reforms. Some critics believe there are merits in capitalism and wish to balance it with some form of social control, typically through government regulation (e.g. the social market movement).
Prominent among critiques of capitalism are accusations that capitalism is inherently exploitative, alienating, unstable, unsustainable, and creates massive economic inequality, commodifies people, is anti-democratic, leads to an erosion of human rights and national sovereignty while it incentivises imperialist expansion and war, and that it benefits a small minority at the expense of the majority of the population. There are also criticisms from environmental scientists and activists, leftists, degrowthers and others, that it depletes resources, causes climate change, biodiversity loss, topsoil loss, eutrophication, and generates massive amounts of pollution and waste.
Plutocracy in the context of Timocracy
A timocracy (Ancient Greek: τιμοκρατία; from Greek τιμή timē, "honor, worth" and -κρατία -kratia, "rule") in Aristotle's Politics referred to a type of government in which citizens were equal in most respects, but their political participation was determined by a hierarchy based on property. Those whose wealth required them to contribute more to public expenses enjoyed greater political privileges in proportion to their means. More advanced forms of timocracy, where power derives entirely from wealth with no regard for social or civic responsibility, may shift in their form and become a plutocracy where the wealthy rule.
Plutocracy in the context of Mukesh Ambani
Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian billionaire businessman, the chairman and managing director of Reliance Industries. As of May 2025, he is the richest person in Asia and the 13th richest in the world, with a net worth of US$108 billion.
Sometimes characterized as a plutocrat, Ambani has attracted both fame and criticism for reports of market manipulation, political corruption, cronyism, and exploitation.
Plutocracy in the context of Book of Micah
The Book of Micah is the sixth of the twelve minor prophets in the Hebrew Bible. The book has seven chapters. Ostensibly, it records the sayings of Micah, whose name is Mikayahu (Hebrew: מִיכָיָ֫הוּ), meaning "Who is like Yahweh?", an 8th-century BCE prophet from the village of Moresheth in Judah (Hebrew name from the opening verse: מיכה המרשתי).
The book has three major divisions, chapters 1–2, 3–5 and 6–7, each introduced by the word "Hear", with a pattern of alternating announcements of doom and expressions of hope within each division. Micah reproaches unjust leaders, defends the rights of the poor against the rich and powerful; while looking forward to a world at peace centered on Zion under the leadership of a new Davidic monarch.
Plutocracy in the context of Banana republic
In political science, the term banana republic describes a politically and economically unstable country with an economy dependent upon the export of natural resource.
A banana republic is a country with an economy of state capitalism, where the country is operated as a private commercial enterprise for the exclusive profit of the ruling class. Typically, a banana republic has a society of extremely stratified social classes, usually a large impoverished working class and a ruling class plutocracy, composed of the business, political, and military elites. The ruling class controls the primary sector of the economy by exploiting labor. Such exploitation is enabled by collusion between the state and favored economic monopolies, in which the profit, derived from the private exploitation of public lands, is private property. At the same time, the debts incurred thereby are the financial responsibility of the public treasury. Therefore, the term banana republic is a pejorative descriptor for a servile oligarchy that abets and supports, for kickbacks, the exploitation of large-scale plantation agriculture, especially banana cultivation.