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What's the difference between plutocracy and oligarchy? Here's what they mean

Last Wednesday, during former President Joe Biden's farewell address, he warned that the U.S. could become an "oligarchy." Here's what it means
The article from MSN, titled "What's the Difference Between Plutocracy and Oligarchy? Here's What They Mean," explains the distinctions between these two forms of government. Plutocracy refers to a system where the wealthy hold the power, essentially ruling by virtue of their wealth. This term comes from the Greek words "ploutos" (wealth) and "kratos" (power or rule). On the other hand, oligarchy describes a government controlled by a small group of people, not necessarily based on wealth but could be due to various factors like military power, nobility, or political influence. The key difference lies in the basis of power: plutocracy focuses on economic wealth, whereas oligarchy can be based on any form of elite control. The article also touches on how these systems can overlap, with wealth often being a significant factor in oligarchies, but it's not the defining characteristic. Additionally, it discusses how these terms are often used critically to describe perceived flaws in modern democratic systems where wealth or a small group's influence might overshadow the broader population's interests.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/what-s-the-difference-between-plutocracy-and-oligarchy-here-s-what-they-mean/ar-AA1xEApX ]