Billionaries take over the power: the rise of plutocracy in democracies

Billionaries take over the power: the rise of plutocracy in democracies

The world is on the abyss: Plutocracy grabs it!

at a time when the gap between poor and the empire continues to separate, we experience an alarming change in global politics. Where once authoritarian regimes such as Russia and China were considered the strongholds of plutocracy, it is now the liberal democracies that move in the same direction. Donald Trump and his "Billionärs boys" are at the head of this movement, with Elon Musk and Vivek Ramaswamy at their side. These mighty men are intended to lead the new "Department of Government Efficiency", which aims to delete incredible $ 2 trillion in "territory"!

But that's not all! In India, under the government of Narendra Modi, the influence of billionaires such as Mukesh Ambani and Gautam Adani is also growing. This "trillion reserve" is not only a phenomenon in the USA or India, but also runs like a thread through numerous liberal democracies worldwide, from Brazil to South Korea to Taiwan and Turkey. Where does that lead us?

The rise of the billionaires

The global economy is in a dramatic change. Analysts speak of a transition from neoliberalism to neo-feudalism. What does that mean? It describes a time of extreme inequality in which a growing lower class serves the needs of a handful of mega. Jodi Dean sums it up: "A few billionaires, a billion precarious worker."

The numbers speak for themselves: Income in income has increased significantly worldwide since the 1980s. In the United States, China, India, Brazil and Russia - the countries in which plutocracy blooms - the distance between poor and rich is greater than ever. In India, the gap between the rich and the poor is now even wider than at the time of British colonial rule!

The platform economy and its dark sides

Another alarming sign of neo-feudalism is shown in today's platform economy. Giants like Apple, Google and Uber have developed into super-rich and exploitative companies that transform their owners into (centi) billionaires. These companies benefit from low -wage work and state tax incentives, while workers have to live in precarious conditions.

The interweaving of business and politics is becoming increasingly clear. Trump, Musk and Co. present themselves as "representatives of the people", but their politics primarily serves to maximize corporate profits and secure the market shares. Tax cuts, attractive incentives for companies and the reduction of environmental and investment regulations are at the top of their agenda.

The question remains: Do we apply for a future in which authoritarian structures also become the norm in liberal democracies? Could it be that the authoritarian capitalism model of Russia and China is not the exceptions, but the harbing of a new era?

The views in this article do not necessarily reflect the editorial attitude of al Jazera.