Is the U.S. An Oligarchy?

by James & Miel on March 28, 2009 · 0 comments

Hi All,

In light of the long string of bailouts and Federal interventions on behalf of big business and the financial sector last September, some of you may have been wondering why Washington keeps getting involved, despite the mixed results?

Well, according to Simon Johnson’s recent piece in The Atlantic Monthly, the financial sector has effectively captured the Washington establishment, thus transforming the United States into an oligarchy.

Johnson’s thesis is not new. Its been around at least since the 1950s. The critical sociologist C.W. Mills wrote an influential essay entitled The Power Elite. In it Mills argued that ordinary citizens had fallen under the sway of powerful military, corporate and political elites.

The “US as Oligarchy” theory has some problems, but current events do make one wonder if perhaps there is some merit to perspective. But the real question we must ask is: How does this affect our wealth and personal finances?

Click here for Johnson’s essay.

Click here for a summary of The Power Elite.

Best,

James

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