In a plutocracy, the upper classes are in charge of running the State.
A plutocracy is a form of government that develops when the upper classes are in charge of running the State . The concept derives from Pluto , the god of wealth according to Ancient Greek mythology.
What plutocracy implies is that the people who dominate a country's material resources also hold political power. It is even possible that, within the framework of a representative democracy (in which state authorities are elected by popular vote and represent the population), the most important decisions are actually made by those who have economic power.
Plutocracy and democracy
In this sense, it can be said that a democracy can also function as a plutocracy. If the rulers elected by the people respond to the interests of the rich, taking measures requested or promoted by them, it will be a plutocracy beyond the political party system, the elections that are held, etc.
There are several paths that can be taken by the upper classes to develop a plutocracy even within the framework of a democracy. The financing of electoral campaigns and political parties in general is one of them: politicians who come to power must be accountable to those who contributed money for that to happen. Another tool is the control of the media , capable of exerting great social influence.
A representative democracy can function like a plutocracy.
The census suffrage
Plutocracy, in short, can be established through the indirect exercise of political power carried out by the upper classes, who dominate the economy . This system should not be confused with those in which a minimum wealth was required to be able to exercise citizenship, as was the case with census votes .
Census suffrage, unlike plutocracy, was an electoral system that was based on giving the right to vote to the portion of the people that met certain well-defined requirements, both at an economic, social and academic level. The contribution that this system required in favor of public finances (the census ) did not encourage a political party, and that is why its essence does not coincide with that of plutocracy. At the other extreme is universal suffrage, which imposes no barriers other than age for registration on an electoral roll.
Relationship between plutocracy and oligarchy
The concept of plutocracy is linked to that of oligarchy , a form of government that consists of a few (usually belonging to the same social class) assuming supreme power. In ancient Greece , political writers used this term to refer to a degeneration of the aristocracy. Just as in plutocracy, oligarchs strongly influence political decisions thanks to their capital.
The representation of plutocracy may be related to the old model of private law , the branch of law in which none of the subjects involved in a relationship is the State, and this can be seen in the following points:
* representation does not comply with the mandate of democracy, that is, of the general will, but is limited to responding to those who have supported it financially;
* the principals have the power to revoke the agent at any time, if they wish;
* The president must be accountable to the people who have supported him at every step of his administration ;
* The principals issue a series of binding instructions that limit and define the powers that the agent has.
In other words, plutocracy is a binding and imperative mandate that firmly relates the figures of the agent and the principal and subordinates political direction to economic power .