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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.
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."
Kleptocracy is different from plutocracy (rule by the richest) and oligarchy (rule by a small elite). In a kleptocracy, corrupt politicians enrich themselves secretly outside the rule of law , through kickbacks , bribes , and special favors from lobbyists and corporations, or they simply direct state funds to themselves and their associates .
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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 ...
He argued that capitalism's collapse from within will come about as majorities vote for the creation of a welfare state and place restrictions upon entrepreneurship that will burden and eventually destroy the capitalist structure. Schumpeter emphasizes throughout this book that he is analyzing trends, not engaging in political advocacy (more ...