OLIGARCHY VS PLUTOCRACY HOW TO

Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.Īs we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content.

OLIGARCHY VS PLUTOCRACY HOW TO

Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. The primary goal of a democracy is to ensure that the leaders govern through fair representation.īusiness Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. In such a system, people have the right to vote for any party or political representative to bring them to power. The people play a crucial and deciding role in the process of forming the government. In a democracy, the country’s people are involved in selecting its leadership or head. Also, the post of the monarch is hereditary.Īnd then there is Ukraine, which has been hailed as a country that is bravely fighting to preserve its democracy. In such a system, the monarch’s power is not limited by laws or legislation. In an absolute monarchy, a family or a group of families, also called royalty, rules the country. Some examples of absolute monarchy are Saudi Arabia, Oman, and Brunei. Here, the dictator is quite often a high-ranked military officer.Īutocracy also includes absolute monarchy. On the other hand, in a military dictatorship, the military exerts complete or at least substantial control over political authority in the country.

Here, the ruling dictator does not derive his power from the military. One is a civilian dictatorship and the other is a military dictatorship like the one we saw in Pakistan on several occasions.Ĭivilian dictatorship is a form of governance where absolute power is in the hands of a civilian. In an autocracy, the supreme authority or power to rule is in the hands of one individual or entity.Įxternal authorities and even the people have no say in the decisions taken by said individual or entity.Īutocracy includes dictatorship. Russia is also categorised as an autocracy in some quarters. And then there is technocracy, a system where technical experts or educated people rule. Then there is plutocracy, a system where the wealthy rule.

Take the example of an aristocracy, which means a system where the nobles rule. Especially those who are close to President Putin.

In the Russian context, western media uses the term oligarch to refer to very rich Russian business leaders who have a great deal of political influence. And, these people in power, in turn, are known as oligarchs. It comes from a combination of the word ‘olígos’, which means ‘few’, and ‘arkho’, which means ‘to rule or to command’.Īny societal power structure where the ruling power lies in the hands of a small number of privileged people can be broadly categorised as an oligarchy. But what exactly is an oligarch? The word oligarchy has Greek origins.

Oligarchy vs plutocracy