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The term plutocracy is generally used as a pejorative to describe or warn against an undesirable condition. [3] [4] Throughout history, political thinkers and philosophers have condemned plutocrats for ignoring their social responsibilities, using their power to serve their own purposes and thereby increasing poverty and nurturing class conflict and corrupting societies with greed and hedonism.
Solon introduced the ideas of timokratia as a graded oligarchy in his Solonian Constitution for Athens in the early 6th century BC. His was the first known deliberately implemented form of timocracy, allocating political rights and economic responsibility depending on membership of one of four tiers of the population.
Plutonomy (from Ancient Greek πλοῦτος (ploûtos) 'wealth' and νόμος (nómos) 'law'; a portmanteau of plutocracy and economy) is the science of production and distribution of wealth. [ 1 ]
Sociocracy is a theory of governance that seeks to create psychologically safe environments and productive organizations. It draws on the use of consent, rather than majority voting, in discussion and decision-making by people who have a shared goal or work process.
Term Description Examples Autocracy: Autocracy is a system of government in which supreme power (social and political) is concentrated in the hands of one person or polity, whose decisions are subject to neither external legal restraints nor regularized mechanisms of popular control (except perhaps for the implicit threat of a coup d'état or mass insurrection).
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A review in The Guardian, while generally praising Plutocrats, noted that it was "short of solutions" to the problems it identifies. [7] According to Anthony Gould, Plutocrats argues that the American Dream is "apparently over", because American society no longer rewards entrepreneurs who produce useful or valuable goods and instead favours financial chicanery as a way to get rich.