Oligarchy and Social Organization
Adam Smith, Etching created by Cadell and Davies (1811)
Oligarchy rests on grotesque inequality of material resources. The vast resources available to the rich are used to build social structures that protect their wealth. The US oligarchy is a shining example. Our oligarchs use their stunning wealth both to insure that civil government protects its interests and to infect the public with views supportive of its power and wealth.
One easy example of use of governing power is the effort to shove taxes off on the next lower group of taxpayers, which has been wildly successful. But oligarchic power to influence society extends far beyond legislation, and into the way we understand the economy. Remember the fracas about strategic defaults? The banking segment of the Oligarchy went nuts when they realized that smart people would just walk away from underwater houses if
