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Business oligarch

From Wikipedia, the free encyclopedia
Rich industrialists / capitalists of great political influence

Abusiness oligarch is generally abusiness magnate who controls sufficient resources to influence national politics.[1][2] A business leader can be considered anoligarch if some of the following conditions are satisfied:

  1. uses monopolistic tactics to dominate an industry;
  2. possesses sufficient political power to promote their own interests, often exacerbating income inequality and corruption, particularly through policies that benefit the elite at the expense of the majority.
  3. controls multiple businesses, which intensively coordinate their activities.[2]

More generally, an oligarch (from Ancient Greek ὀλίγος (oligos) 'few' and ἄρχειν (archein) 'rule') is a "member of anoligarchy; a person who is part of a small group holding power in a state".[3]

Criticism

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It has been noticed how in Western media, the term "oligarch" appears often and exclusively used with reference toEastern Europe and the former Soviet sphere, where it was first used - as if such figures didn't exist or influence politics and society in the former "free world". Paradigmatical, in this respect, appear the fortunes of media moguls likeSilvio Berlusconi.

See also

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References

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  1. ^Guriev, Sergei; Rachinsky, Andrei (2005)."The role of oligarchs in Russian capitalism".Journal of Economic Perspectives.19 (1):131–150.doi:10.1257/0895330053147994.
  2. ^abChernenko, Demid (2018)."Capital structure and oligarch ownership"(PDF).Economic Change and Restructuring.52 (4):383–411.doi:10.1007/S10644-018-9226-9.S2CID 56232563.
  3. ^"oligarch".Oxford English Dictionary (Online ed.). Oxford University Press. (Subscription orparticipating institution membership required.)
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