![]() ![]() To him, while Trump ran as a populist, he has governed as a plutocrat, most recently by endorsing the discredited supply-side theory of taxation that most Republicans still cling to. “ Sooner or later, Trump’s core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side,” questions Roubini. Neither the unlikely emergence of Donald Trump nor the strange juxtaposition of a government that combines rhetorical anti-elitism with unabashed service to the rich can be understood without focusing on the long-term shift of economic and political power to large corporations and the wealthy.Īccording to economist Nouriel Roubini, US President Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. #Modern plutocracy fullHacker and Paul Pierson wrote in an article that while we are experiencing the full flowering of plutocratic populism today, its roots have been spreading for decades. Economists have also suggested that free market economies tend to drift into monopolies and oligopolies because of the greater efficiency of larger businesses. In other scenarios, plutocracy may develop when a country is collapsing due to resource depletion as the elites attempt to hoard the diminishing wealth or expand debts to maintain stability, which will tend to enrich creditors and financiers. In a nation that is experiencing rapid economic growth, income inequality will tend to increase as the rate of return on innovation increases. ![]() Reasons why a plutocracy develops are complex. The term plutocracy is generally used as a pejorative to describe or warn against an undesirable condition. Unlike systems such as democracy, capitalism, socialism or anarchism, plutocracy is not rooted in an established political philosophy. The first known use of the term in English dates from 1631. A plutocracy or plutarchy is a society that is ruled or controlled by people of great wealth or income. ![]()
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