Understanding Oligarchy After Biden’s Warning About Its Impact on Democracy

Biden’s warning about oligarchy raises questions about its meaning and implications for democracy in America

Understanding Oligarchy After Biden’s Warning About Its Impact on Democracy
Understanding Oligarchy After Biden’s Warning About Its Impact on Democracy

Washington: So, President Biden recently gave a farewell speech where he talked about how American democracy is slipping into an “oligarchy” run by tech billionaires. But what does that even mean?

Basically, an oligarchy is when a small group of people has all the power and makes decisions for everyone else. Biden used this term to highlight how the richest folks, like tech CEOs, are getting too cozy with political leaders.

For instance, Mark Zuckerberg from Meta is set to co-host a big event for Trump, and Jeff Bezos’s Amazon is involved in streaming a documentary about Melania Trump. It’s like these billionaires are pulling the strings behind the scenes.

But here’s the kicker: both parties, Republicans and Democrats, have been relying on these tech fortunes to fund their campaigns. It’s a bit of a tangled web.

The word “oligarchy” comes from Ancient Greek, meaning “rule by a few.” Unlike aristocracy, which is about noble families, oligarchy is more about wealth. Aristotle even said that democracies are less prone to conflict than oligarchies.

There are real-world examples too. After the Soviet Union fell apart, a bunch of wealthy businessmen took control of former state assets, becoming known as oligarchs. In the Philippines, powerful families have been accused of running an oligarchy, and even South Africa had its own version during apartheid.

Before Biden’s speech, many were already worried that the growing wealth gap in the U.S. and China might be leading us toward oligarchy. It’s a big topic that’s worth keeping an eye on.

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