Most of the services provided by the City of London Corporation are utilized by the businesses belonging to the city. It is also said that the square mile city of London has a different electoral system for its local administration. The Dutch Republic and the empire of Japan before World War II, the Roman Empire, along with a few cities in ancient Greece, were also plutocratic. Florence, Genoa, and other merchant city-states were also under the plutocratic rule. Venice is one of the most famous examples of plutocracy.
If utilized properly, it can feed the rest of the population or at least build opportunities for them to survive. Developmental projects can be sped up as there are monetary resources available. When there is involvement of money, things are done at greater speed. However, the system can propel faster growth, especially in its early stages. Internal mechanisms in the plutocratic system are often too rigged to self-correct. There will be division in the society based on class (the rich and the poor), and conflicts will arise later in time. This hides the true growth potential a country can achieve. Hence, competition is more than often discouraged. The wealthy section of the nation would not want other sections of people to rise to their level. Corruption and authoritarianism prevail in such a system and discourages the concept of welfare in society. People mention the system to point out the unfair advantage the rich have over the poor and the influence of the wealthy.Ĭoncentrating wealth in a few pockets is never a way to rule any country. It is usually not a proper form of government but an indication of the inequality prevailing in governance. The system can either contain leaders made up of wealthy individuals or ensure that they influence or control decisions made in that country. Plutocracy is a, therefore, the form of government or political system governed by wealthy people. The intention here is the benefit of the rich and powerful to a greater extent.
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