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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.
In short, an oligarchy is an elite few who control the government's actions. By using the pointedly negative term “oligarchy,” Biden equated this moment — when the world's wealthiest men are feting President-elect Donald Trump — with some of history's more brutal regimes.
PHOTO: President Joe Biden delivers his farewell address to the nation from the Oval Office of the White House in Washington, D.C., on Jan. 15, 2025.
Biden warns of 'tech industrial complex' In his 17-minute speech, Biden called it the "highest honor of my life to lead you as commander in chief" and recalled the situation he inherited four ...
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 ...
“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead," Biden said, drawing attention to "a dangerous concentration of power in the hands of a few ultra-wealthy people and the dangerous ...
The iron law of oligarchy is a political theory first developed by the German-born Italian sociologist Robert Michels in his 1911 book Political Parties. [1] It asserts that rule by an elite, or oligarchy , is inevitable as an "iron law" within any democratic organization as part of the "tactical and technical necessities" of the organization.
The extent of the power that the Big Five had was considered by some as equivalent to an oligarchy. Attorney General of Hawaii Edmund Pearson Dole , referring to the Big Five, said in 1903: "There is a government in this Territory which is centralized to an extent unknown in the United States, and probably almost as centralized as it was in ...