Why did Biden warn against US becoming an oligarchy?

medium nocaption117354483President Joe Biden, in his farewell speech, warned that American democracy was sliding into an "oligarchy" dominated by tech billionaires. But what exactly is an oligarchy?An oligarchy refers to a small, wealthy elite (or oligarchs) controlling government actions. Biden's remarks came at a time when tech billionaires Mark Zuckerberg, Jeff Bezos, Elon Musk and others confirmed they will attend President-elect Donald Trump's inauguration on Jan 20. https://eoh.ikan3.com/3sw663_1rkmuflfzqrun/5prkysza?1eqt=5govv7N2EtHu_oFays is an oligarchyThe term 'oligarch' comes from the ancient Greek word 'oligarkhia', which means 'the rule of the few'. Oligarchs typically gain control through financial means, such as donating heavily to politicians who, in turn, rule in ways dictated by them. However, oligarchs may also gain influence through their social status or fame or military connections.Oligarchies in which a family rules often result in power being passed down from generation to generation. Several modern countries could be described as oligarchies, including Russia, China, and, arguably, even the US.Types of oligarchiesOligarchy is actually an umbrella term that encompasses at least 13 specific variations of 'rule of the few'. For example, an aristocracy is an oligarchy in which the ruling class is made up of aristocrats or nobles. A plutocracy is an oligarchy in which the ruling class is made up of extremely wealthy individuals who use their money to influence policy.Many theorists, from Aristotle to influential Italian sociologist Robert Michels, have observed that in the overwhelming majority of cases in which a few people are given power over a larger group, those few will eventually choose to establish policies that benefit themselves at the expense of the people as a whole. mediumhttps://eoh.ikan3.com/3sw663_1rkmuflfzqrun/5prkysza?1eqt=7yt37MXMNQRC2rOlanip of an oligarchyWhen oligarchic govts become more self-serving, they typically turn more authoritative. Income inequality tends to increase as wealth is funnelled towards rulers instead of those in the working class. Oligarchies tend to inhibit economic growth and creative agility due to a ruling class focused on maintaining the status quo, typically at the expense of actions that would benefit the middle and lower classes.Oligarchy in Russia One of the most well-known oligarchies is Russia, which historians say has been ruled by one authoritative oligarchy or another since at least the 1400s. The dissolution of the Soviet Union during 1988-1991 was a particular flashpoint for oligarchy because it enabled a small group of wealthy individuals (mostly bankers) to gain controlling interest in many of the country's most valuable resources and utilities (such as oil fields). mediumhttps://eoh.ikan3.com/3sw663_1rkmuflfzqrun/5prkysza?1eqt=1kaBqeoei5YNS3 This resulted in a situation in which politicians ruled the country, but the oligarchs ruled the politicians. For example, a small group of wealthy oligarchs financed Russian President Boris Yeltsin's reelection in 1996 and were then able to wield tremendous influence over Yeltsin, as well as benefiting financially from insider knowledge about the government's economic policies and actions.US not immune to influence from corporationsAmericans enjoy many features of a democracy, such as popular elections and freedom of speech. However, there exists substantial evidence that powerful corporations and affluent individuals have a significantly larger influence on policy-making than ordinary citizens. mediumhttps://eoh.ikan3.com/3sw663_1rkmuflfzqrun/5prkysza?1eqt=4zm_qpXboNTgmJBtz example, corporations and even private individuals are legally allowed to donate massive amounts of money to political campaigns, putting many more resources in the hands of their chosen candidates. Corporations and individuals can also hire lobbyists to influence politicians already in office. In light of this, many economists and researchers maintain that while the US is a democracy in theory, it is an oligarchy in actual practice - or is at least heading in the direction of one. So, Biden has a point.Other than the countries already mentioned, the list could include the Philippines, Iran, Turkiye, South Africa, Ukraine, Venezuela, Saudi Arabia, UAE, North Korea, Kuwait, Bahrain, Cuba, and Zimbabwe.Source: World Population Review