In a primetime farewell address Wednesday, President Joe Biden warned Americans that an “oligarchy” is on the rise just five days before President-elect Donald Trump returns to the White House.
“Today an oligarchy is taking shape in America of extreme wealth, power and influence that threatens our entire democracy, our basic rights, the freedoms and the fair shot for everyone to get ahead,” Biden said.
Biden applauded his own administration’s work at maintaining a strong democracy but said that a “dangerous concentration of power in the hands of a very few, ultra-wealth people” poses enormous risks for the nation “if their abuse of power is left unchecked.”
Elected officials have often used the term “oligarchy” as a derogatory warning to the American public regarding corrupt governments.
Trump-Vance transition spokesperson Anna Kelly responded to the comment by saying: “Joe Biden’s legacy is marred by crippling inflation, a migrant crime invasion, and American weakness on the world stage.
“Thankfully, in just five days, President Trump will usher in a new Golden Age of American Success and carry out his mandate to Make America Wealthy, Safe, and Great Again,” Kelly told USA TODAY.
Here’s more about the term “oligarchy” and what it means.
The general definition of an oligarchy refers to a government or institution run by a few group of people or families.
Greek philosopher Aristotle used the term to describe the rule of aristocracy, or elite powerful societal class, according to National Geographic.
“However, to Aristotle, an aristocracy signified rule by the best members of society, while an oligarchy was characterized by the rule of the few for corrupt and unjust purposes,” National Geographic reported.
The term oligarch has most recently been used to describe well-connected, influential wealthy Russian business leaders. Before Russian President Vladimir Putin’s rule, a group of Russian oligarchs had control over most of the country’s economy. When Putin rose to power, he offered them a choice of prison or loyalty.
During Trump’s first term, his administration posted a 2018 list of hundreds of Russian politicians and oligarchs that have “flourished” under Russia President Vladimir Putin’s rule.
Some have called China an oligarchy because leadership has remained in the hands of a few for several decades, though the nation defines itself as a communist “people’s republic.”
Outside of oligarchies, here are some notable forms of government seen globally:
Contributing: Joey Garrison and Francesca Chambers
