Donald Trump's incoming administration in the United States exemplifies the rise of plutocracy in liberal democracies, with significant influence from billionaires such as Elon Musk and Vivek Ramaswamy. With the appointment of Ramaswamy and Musk to lead a new Department of Government Efficiency, the intent to cut $2 trillion in government waste reflects a trend where economically powerful individuals increasingly dominate political roles, reshaping the fabric of democratic governance.
The trend toward a 'billionaire raj' isn't limited to the United States; it is replicated in other liberal democracies, notably under Narendra Modi's administration in India. Here, connections with tycoons such as Mukesh Ambani and Gautam Adani promote policies favoring business interests, thus leaning toward neoliberal economic frameworks that deepen existing inequalities and curtail democratic accountability.
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