Biden Warns of Oligarchy Threat to US Democracy Amidst Tech Billionaire Influence

In a farewell address, President Joe Biden warned of a shift towards an "oligarchy" in the US, dominated by tech billionaires. This term refers to a small group controlling government actions. Biden's use of "oligarchy" likened the current situation, where wealthy individuals support President-elect Donald Trump, to harsh regimes in history.

Meta CEO Mark Zuckerberg plans to cohost an inaugural event for Trump with affluent Republican donors. Amazon Prime Video, founded by billionaire Jeff Bezos, secured exclusive rights to stream and release Melania Trump's documentary. Last month, Meta, Amazon, and OpenAI CEO Sam Altman contributed USD 1 million to Trump's inauguration fund. Additionally, Elon Musk's super PAC spent approximately $200 million to support Trump's election.

Origins and Definitions

The term "oligarchy" has roots in Ancient Greek, meaning rule by a few. Unlike aristocracy, it is more associated with wealth than nobility or lineage. Aristotle noted in "Politics" that democracy is less prone to civil strife than oligarchy, where conflicts arise both within the ruling group and between them and the public.

Historically, several nations have been described as oligarchies. After the Soviet Union's dissolution in 1991, wealthy businessmen gained control over former state assets, becoming known as billionaire oligarchs. Under Russian President Boris Yeltsin, profits and politics intertwined, leading to crackdowns by Vladimir Putin. He allowed loyal oligarchs to retain their wealth.

Global Examples of Oligarchies

The Philippines has faced accusations of being an oligarchy due to its colonial past and influential families. Former President Rodrigo Duterte claimed to dismantle this system but was accused of favouring different oligarchs. Apartheid-era South Africa was also seen as a white racial oligarchy by some scholars.

Concerns about rising wealth inequality in the US and China have sparked debates on whether these major economies are becoming oligarchies. Both Republicans and Democrats have relied on Silicon Valley's wealth for political gains, complicating Biden's assertion.

Biden's speech highlights growing worries about economic disparities leading to concentrated power among a few wealthy individuals. This trend raises questions about the future of democracy in nations with significant wealth gaps.