Plutocracy
Topic: Democracy: Forms of Government, Principles and Outcomes · NCERT: Beyond NCERT
Meaning
Plutocracy means rule by the wealthy. Money, not votes, decides who holds power and what policies are made. A democracy can slide in this direction when great wealth gives a small group too much control over parties, elections and policy. This clashes with political equality, the principle of "one person, one vote".
Example
In ADR v. Union of India (February 2024), the Supreme Court struck down electoral bonds. These allowed anonymous political donations, and critics said they let big money gain hidden influence over parties. Wide gaps in wealth in India, such as the top 1% holding about 40.1% of wealth in 2022–23, make this concern sharper.
Don't confuse with
- Oligarchy: rule by any small powerful group. Plutocracy is the kind where wealth is what gives the group its power.
Related concepts
- Absolute monarchy
- Constitutional monarchy
- Dictatorship
- Totalitarianism
- Authoritarianism
- Oligarchy
- Technocracy