![]() What is the difference between kleptocracy, plutocracy, and oligarchy? An oligarchy based on riches might be called a plutocracy, whereas one based on ethnicity or class might be called an aristocrat. Because the nobility’s money plays a role in maintaining their authority, certain oligarchies may be plutocratic. The greatest narrowly defined type of governance is a plutocracy, which derives its legitimacy only from the accumulation of money. The word plutocracy first coined by Socrates is now more generally used to describe the system of government in which the wealthy have all the power or are ruled by the rich. Oligarchies have a chequered past, marked by their need for popular submission or even persecution to maintain their power. As a result, these phrases are commonly employed adversely to convey apprehension that a minority in power would put its own needs above those of the nation.
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