Definition of the word plutocracy

The word "plutocracy" comes from Ancient Greek, specifically from the words "ploutos" meaning wealth and "kratos" meaning rule or power. The term originally referred to a system of government where wealth and economic power hold the most influence over decisions and policies, rather than the will of the people or the institutions of democracy. This form of political organization has been seen throughout history, from ancient Sparta to contemporary oligarchies in countries such as Russia and the United Arab Emirates. In modern times, critics of the impact of economic inequality on democracy have revived the term "plutocracy" to describe societies where a wealthy elite wield undue influence over politics and decision-making, even if it goes against the interests of the majority. Overall, the word "plutocracy" serves as a reminder that democracy must strive to balance economic and political systems in a way that benefits all citizens, not just the wealthiest few.