Many might assume that the problem of oligarchies is relatively new and may be a result of the modern development of the billionaire class that includes Elon Musk and Jeff Bezos.
Tesla CEO Musk took to the stage Sunday at Republican nominee Donald Trump's rally in Madison Square Garden and promised he would fix the issue of waste in the federal government. Trump has asked Musk to run the new Department of Government Efficiency, if elected. This would be a conflict of interest at the level never seen before as Musk and his companies, like SpaceX, receive billion-dollar government contracts.
Musk has also used his social media platform to spread disinformation about the election and he has been warned by the Department of Justice to stop giving million-dollar checks to voters who sign his petition. Musk has ignored that warning.
Musk is showing he isn't worried about breaking the law when it comes to his politics— a clear sign of being an oligarch.
The oligarchy predicament is so old that Aristotle, the ancient Greek philosopher, offered significant insights into the nature of oligarchies in his classic work, "Politics." He categorized various forms of governance, including democracy and oligarchy, and explored how these systems influence one another.
Oligarchy, as Aristotle defined it, is a form of government where a small group of wealthy individuals holds power, making decisions primarily in their own interest rather than for the common good. This concentration of power in the hands of a few can lead to significant inequalities, as the interests of the ruling elite often overshadow those of the broader population. Aristotle argued that this can destabilize democratic systems, which rely on the participation of the citizenry.
In a democracy, the power rests with the many, and ideally, all citizens have a voice in governance. However, Aristotle warned that when oligarchs gain power, they manipulate and corrupt democratic processes to serve their own interests. This manipulation can take various forms, including the erosion of civic participation, the marginalization of lower socioeconomic classes, and the subversion of democratic institutions. When the oligarchs exploit the democratic framework, they undermine the essential principle of equality that underpins democracy.
There is plenty of evidence that proves that the United States is an oligarchy, and this November 5th election will decide if the oligarchic grip on America will tighten.
Wealth concentration is a key indicator of oligarchy. According to data from the Federal Reserve, the top 10% of households in the U.S. own nearly 70% of the nation’s wealth. This economic disparity allows a small elite to exert disproportionate influence over political processes, often shaping policies to benefit their interests. Wealthy individuals and corporations can invest heavily in political campaigns, enabling them to amplify their voices and secure favorable legislation.
Moreover, the role of Super PACs and dark money in political funding further underscores the oligarchic nature of American politics. Following the Supreme Court’s Citizens United v. FEC decision in 2010, unlimited spending by corporations and individuals on political campaigns became legal. This has led to an influx of anonymous donations, allowing affluent donors to sway elections and policymaking without accountability. Such financial power often translates into political power, undermining the democratic principle of equal representation.
Aristotle believed that the health of a democracy hinges on a strong middle class, which acts as a stabilizing force against an oligarchy. In his view, when oligarchs dominate, the middle class can become disillusioned and disengaged, leading to increased political polarization and instability. As the wealth gap widens, the poor may feel alienated and powerless, creating a fertile ground for social unrest and potentially leading to the rise of demagogues who promise to address their grievances.
Guest:
Jeffrey A. Winters is a political scientist at Northwestern University and one of the foremost scholars on oligarchies. His book Oligarchy (2011) is highly influential, and he frequently discusses the role of wealth in politics. Winters has been interviewed on various platforms, including NPR and in academic podcasts, where he discusses the impact of wealth concentration on democracy and governance in the U.S. and globally.
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This interview will be recorded on Monday, October 28, 2024.
