What Is to Be Done about the Oligarchy?
We can’t afford this miserable oligarchy any more; so what should we do? There are two basic approaches. One is to cut down on the material inequality between the oligarchs and the rest of us. Another is to hem in the behaviors of Oligarchs so that their ability to damage the rest of us is significantly reduced. We can try both at the same time. However, I hardly need point out how difficult it will be to accomplish anything in a country as fractured as ours.
Oligarchy is based on material power. The richest among us have power just because of that wealth. It enables them to make massive campaign contributions to people who will vote their interests at the expense of the rest of the public. It enables them to spend wildly to change public perceptions of issues important to the very rich. And wealth gives them ability to hire tools like lawyers and accountants to undo and weaken regulation and avoid taxation.
But material wealth is not the only source of power. In his book Oligarchy, Jeffrey Winters discusses four other sources of power in a democratic society.
1. Formal political rights, including one-person one vote, the ability to express views without repression, and access to information.