Biden's Farewell Warning on Oligarchy
In his farewell remarks, Biden warned of a growing "tech industrial complex" that threatens American democracy, comparing it to Eisenhower's warning about the military-industrial complex.
Biden highlighted concerns about wealthy elites eroding freedoms, resembling the “robber barons” of the Gilded Age.
The Rise of Oligarchy
Oligarchy is defined as rule by a wealthy few, often driven by financial influence and power, as Aristotle noted.
“Robber barons” is a term used to describe wealthy, powerful, and unethical American businessmen in the 19th century.
U.S. billionaires, including those in Trump’s cabinet, have significant influence over politics and policy, benefiting from government contracts and influencing elections.
Oligarchs may gain power through wealth, social status, or political connections.
Oligarchy Across History and Countries
Historically, oligarchs use wealth to influence politics, as seen in the Philippines, Russia, and China, where power remains concentrated among a small elite.
Bernie Sanders and others argue that the U.S. has its own oligarchs, controlling politics and policy, benefiting from systemic corruption and inequality.
Impact of Oligarchy on Democracy
Historian Ron Formisano and economist Simon Johnson discuss how rising inequality and political corruption have cemented a permanent political class in the U.S., contributing to oligarchy.
The 2008 financial crisis and the Citizens United ruling in 2010, which lifted restrictions on campaign donations, worsened oligarchic influence in politics.
Sociologist Robert Michels’ "iron law of oligarchy" suggests that democracy inevitably shifts toward oligarchy due to practical governance needs.
Global Trends and Tech’s Role
Oligarchic power is not confined to one country—wealthy elites increasingly control political and economic systems worldwide.
Technological advancements, particularly in AI, are accelerating the concentration of economic power, further solidifying oligarchic control and challenging democratic values.
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