A 'plutocracy' is government by whom?
Plutocracy Plutocracy A plutocracy (, ', 'wealth' + , ', 'power') or plutarchy is a society that is ruled or controlled by people of great wealth or income. The first known use of the term in English dates from 1631. Unlike systems such as democracy, capitalism, socialism or anarchism, plutocracy is not rooted in an established political philosophy. The concept of plutocracy may be advocated by the wealthy classes of a society in an indirect or surreptitious fashion, though the term itself is almost always used in a pejorative sense. The term "plutocracy" is generally used as a pejorative to describe
Plutocracy Noam Chomsky and Jimmy Carter, the modern day United States resembles a plutocracy, though with democratic forms. Former Chairman of the federal reserve, Paul Volcker, also believes the US is developing into a plutocracy. One modern, formal example of a plutocracy, according to some critics, is the City of London. The City (also called the Square Mile of ancient London, corresponding to the modern financial district, an area of about 2.5 km) has a unique electoral system for its local administration, separate from London proper. More than two-thirds of voters are not residents, but rather representatives of businesses and other