President Joe Biden, in his farewell speech, expressed concern that American democracy is drifting towards an oligarchy controlled by a select few, particularly tech billionaires.
By branding the current political climate as an oligarchy, Biden draws alarming parallels to historical regimes, highlighting the dangerous intersection of wealth and political power.
Aristotle defined oligarchy as rule by the wealthy, contrasting this with a more stable democracy. This distinction underscores the potential perils of unchecked wealth in politics.
The rise of billionaire oligarchs post-Soviet Union illustrates how economic power can lead to political influence, casting doubts on the integrity of democratic processes.
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