Ploutos was Greek for "wealth", and Plouton, or Pluto, was one of the names used for the Greek god of the underworld, where all the earth's mineral wealth was stored. So a plutocracy governs or wields power through its money. The economic growth in the U.S. in the late 19th century produced a group of enormously wealthy plutocrats. Huge companies like John D. Rockefeller's Standard Oil gained serious political power, and Rockefeller was able to influence lawmakers in states where his businesses operated. For this reason, it was said in 1905 that Ohio and New Jersey were plutocracies, not democracies.
Example Sentences
If only the wealthy can afford to run for public office, are we more a plutocracy than a democracy? corporate greed and America's growing plutocracy
Recent Examples on the WebOne school of progressive thought says that America has devolved (once again, perhaps) into a plutocracy. Katherine Stewart, The New Republic, 11 July 2022 Social equity pits people with very little wealth and clout against the plutocracy that runs the world, with billions of dollars at stake. Amanda Chicago Lewis, The New Republic, 4 Apr. 2022 The battle against plutocracy isn’t going to be won in a single piece of legislation, certainly not one against which Manchin and Sinema hold an effective veto. John Cassidy, The New Yorker, 1 Nov. 2021 Alas, Biden, Speaker Nancy Pelosi, and Senate Majority Leader Charles Schumer seem to be at home in the backroom, even as the Democrats squander the opportunity to break the plutocracy -- government of, by, and for the super-rich. Jeffrey Sachs, CNN, 5 Nov. 2021 Within 40 years, California had created a new plutocracy of Eloi, whose wealth exempted them from all worries about the mundane problems of the distant and despised Morlock others. Victor Davis Hanson, Arkansas Online, 13 Sep. 2021 In recent decades, as the stock market has soared, the vast fortunes amassed by some members of the plutocracy have largely escaped taxation. John Cassidy, The New Yorker, 8 June 2021 Once before, in the aftermath of the Great Depression, similar rhetoric about the dangers of plutocracy helped cement a Democratic majority that endured for decades.Los Angeles Times, 29 Apr. 2021 Inequality is one of the biggest barriers to a functioning democracy: To turn around a slide into plutocracy, Democrats need to address the fact that two-thirds of Americans are living paycheck to paycheck right now. Clio Chang, The New Republic, 9 Jan. 2021 See More
Word History
Etymology
Greek ploutokratia, from ploutos wealth; akin to Greek plein to sail, float — more at flow