Plutocracy means ‘rule by the wealthy.’ It’s when a small group consisting of the wealthiest people in a society rule by virtue of their wealth. In an autocracy, the sole power and authority is in one person’s hands and there are less or no legal or political restrictions. Monarchy is the ruling system where the authority lies in the hands of one or two individuals or a royal family. What is the difference between autocracy and monarchy? A common characteristic of plutocracy is the frequent enactment of government policies that benefit the wealthy, often at the expense of the lower classes. Plutocracy is a term describing a society governed either directly or indirectly by extremely wealthy people. An autocracy is a society that is governed by one person, all power is concentrated on this one person’s hands. An autocrat is a person who rules with absolute power. The word plutocrat is derived from the Greek word ploutokratia, which means the authority and power of those who are wealthy. What’s the difference between an autocrat and a plutocrat? The first known use of the term in English dates from 1631. What kind of government is plutocracy?Ī plutocracy (Greek: πλοῦτος, ploutos, ‘wealth’ and κράτος, kratos, ‘power’) or plutarchy is a society that is ruled or controlled by people of great wealth or income. Most significantly, while aristocracy is “rule by the best,” oligarchy is “rule by the few.” Aristocracies are comprised of individuals considered best fit to rule because of their nobility-a level of moral and intellectual superiority that is assumed to have been genetically passed down through family lines.
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