More than two-thirds of voters are not residents, but rather representatives of businesses and other bodies that occupy premises in the City, with votes distributed according to their numbers of employees. The City (also called the Square Mile of ancient London, corresponding to the modern financial district, an area of about 2.5 km 2) has a unique electoral system for its local administration, separate from the rest of London. One modern, formal example of a plutocracy, according to some critics, is the City of London. A former chairman of the Federal Reserve, Paul Volcker, also believed the US to be developing into a plutocracy. According to Noam Chomsky and Jimmy Carter, the modern United States resembles a plutocracy though with democratic forms. Historic examples of plutocracies include the Roman Empire, some city-states in Ancient Greece, the civilization of Carthage, the Italian city-states/merchant republics of Venice, Florence, pre-French Revolution Kingdom of France, Genoa, and the pre-World War II Empire of Japan (the zaibatsu). Throughout history, political thinkers such as Winston Churchill, 19th-century French sociologist and historian Alexis de Tocqueville, 19th-century Spanish monarchist Juan Donoso Cortés and today Noam Chomsky have condemned plutocrats for ignoring their social responsibilities, using their power to serve their own purposes and thereby increasing poverty and nurturing class conflict, corrupting societies with greed and hedonism. The term plutocracy is generally used as a pejorative to describe or warn against an undesirable condition. Unlike systems such as democracy, liberalism, socialism, communism or anarchism, plutocracy is not rooted in an established political philosophy Usage The first known use of the term in English dates from 1631. Now little used, this term describes a situation where political power, in fact rather than in law or constitutional theory, lies with the wealthy.Ī plutocracy (Greek: πλοῦτος, ploutos, ‘wealth’ and κράτος, kratos, ‘power’) or plutarchy is a society that is ruled or controlled by people of great wealth or income.
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