Plutocracy is simply government by the wealthy. Plutocracy or Plutarchy can also be a society ruled or controlled by people of great wealth or income.
Which Country Practices Plutocracy?
Officially, there is no country that is known to practice plutocracy since this form of government is not set in a well established political philosophy. However, I see present-day politics as belonging to the wealthy class.
To contest and win an election, one needs to be financially eligible. Isn’t it?
It’s very hard for the poor to get to the top. Having said that, we can say that majority of the countries of the world practice plutocracy– indirectly.
It’s either you’re wealthy enough to sponsor your own campaigns or you have a wealthy sponsor or people behind you like your backbone to push you up to position and help you ( to be paid back in full with gain), or you step aside.
Political thinkers have a thing against plutocracy – it’s more or less for the interest of the leaders and for the detriment of the people.
This makes it hard for plutocracy to be an honorable leadership term. Its like a curse upon the people.
No country wants to be identified with it.
Nevertheless, plutocracy is still here with us even though it’s not as practised by the plutocrats of the ancient times — Roman Empire being a typical example among others – where people were subjected to poverty, class conflict and all sorts of crime.
Overall, leadership no matter what form is practised, be it democracy, capitalism, socialism, anarchism or even plutocracy ‘if possible’, all should be for the betterment of the people being led while self-interest is pushed to the background.