Plutocracy is a state system in which power is concentrated in the hands of the few but the richest. The term originated in ancient Greece, where plutocracy was established in some commercial and artisanal polis (cities) due to the victory of the monetary aristocracy over the clan aristocracy during the period of early tyranny (7th-6th centuries B.C.). There is no plutocracy in pure form in any country, and everything is in certain proportions. Plutocrats are not so aggressive against their country; they seek enrichment but within the limits of the law.
Example of Plutocracy
Classic examples of plutocracy were the Ancient Carthage and The Republic of Venice in the Middle Ages. One modern formal example of plutocracy is the historic financial district of The City of London, which has a unique electoral system for local government separate from the rest of London. More than two-thirds of the voters are not residents but representatives of businesses and other bodies occupying premises in the city, with votes distributed according to the number of employees. The primary justification for this arrangement is that City businesses use most of the services provided by the City of London Corporation. In fact, about 450,000 non-residents make up the City’s daytime population, which far exceeds the number of City residents of 7,000.
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