Published on Oxfam America’s Politics of Poverty blog
Is the U.S. an oligarchy?
I want to throw out an interesting concept, and discuss how it relates to extreme inequality: Oligarchy. According to Jeffrey Winters, author of this fascinating book that I am reading, oligarchy refers to the politics of wealth defense by a minority who possess incredibly large fortunes. Oligarchs are actors controlling massive concentrations of material power they can use to defend or enhance their personal wealth. Oligarchs may pursue other political ends, but defending their wealth is their fundamental existential interest.