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Oligarchy (from Ancient Greek ὀλιγαρχία (oligarkhía) 'rule by few'; from ὀλίγος (olígos) 'few' and ἄρχω (árkhō) 'to rule, command') [1] [2] [3] is a form of government in which power rests with a small number of people.
President Joe Biden's farewell address included a stark warning about the danger of what he called abuses by the ultra-wealthy, particularly what he called the "tech-industrial complex." "Today ...
The term oligarchy refers to a government that is run by a handful of people, often for their own gain. The president went on to say there could be "dangerous consequences if their abuse of power ...
President Biden used his farewell address from the Oval Office on Wednesday to warn Americans of an oligarchy taking shape in the U.S. while issuing warnings of other threats to the nation as he ...
Some historical examples of oligarchy include the Roman Republic, in which only males of the nobility could run for office and only wealthy males could vote, and the Athenian democracy, which used sortition to elect candidates, almost always male, Greek, educated citizens holding a minimum of land, wealth and status.
Oligarchs were usually defined as businessmen with direct influence on both politics and the economy. During the 1990s, oligarchs emerged in Ukraine as politically-connected nouveau riche whose wealth came through ties to the corrupt — but democratically elected — government of Ukraine in its transition to a market economy.
President Biden is warning Americans about the threat of an "ultra-wealthy" "oligarchy," but did not mention in his farewell speech the billionaires that have supported him in recent years.
Petr Fradkov, the son of a former Prime Minister and head of the Russian foreign intelligence service, Sergei Sergeevich Ivanov, the son of the former head of the presidential administration Sergei Ivanov, and Andrey Patrushev, the son of the current head of the Russian Security Council Nikolai Patrushev have all joined the ranks of the oligarchs.