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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.
The Pyramid of Capitalist System is a common name of a 1911 American cartoon caricature critical of capitalism, copied from a Russian flyer of c. 1901. [1] [2] The graphic focus is on stratification by social class and economic inequality. [3] [4] The work has been described as "famous", [5] "well-known and widely reproduced". [3]
Conversely, many anarchists do not believe that anarcho-capitalism can be considered to be a part of the anarchist movement due to the fact that anarchism has historically been an anti-capitalist movement and see anarchism as fundamentally incompatible with capitalism because capitalism produces an economic hierarchy.
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Similarly, Sighard Neckel has argued that the rise of financial-market-based capitalism in the later twentieth century has represented a 'refeudalisation' of the economy. [ 12 ] The widening of the wealth gap , as poor and marginalized people are excluded from the state's provision of security, can result in neo-feudalism, argues Marina ...
Plutonomy entered the language as late as the 1850s in the work of John Malcolm Forbes Ludlow. [2] John Ruskin is quoted as having referred to plutonomy as a "base or bastard science". [3] Citigroup analysts have also used the word plutonomy to describe economies "where economic growth is powered by and largely consumed by the wealthy few."
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A periodization of capitalism seeks to distinguish stages of development that help understanding of features of capitalism through time. The best-known periodizations that have been proposed distinguish these stages as: Early / monopoly / state monopoly capitalism ; Free trade / monopoly / finance capitalism