The return of plutocracy: billionaires take over!

The return of plutocracy: billionaires take over!

The world is head: billionaires take over!

In a shocking turn of global politics, we experience how billionaires not only dominate the economy, but also the governments in liberal democracies! While in the past authoritarian regimes such as Russia and China were considered the epicenter of Plutocracy, it is now becoming apparent that the western democracies drift in this dangerous direction.

Donald Trump's upcoming government in the United States is the latest example of this worrying development. His "Billionaire Boys Club" is a who’s who of the rich and powerful - including Elon Musk, Howard Lutnick and Vivek Ramaswamy. Together they should lead a new "Department of Government Efficiency" that aims to save incredible $ 2 trillion in "waste of state" and reduce superfluous state regulations. A plan that not only fills the state coffers, but also the influence of the rich on politics!

global plutocracy on the rise

But that's not all! The "Billionaire Raj" is also funded in India under the government of Narendra Modi. Tycoons like Mukesh Ambani and Gautam Adani enjoy close relationships with the government to promote "business -friendly" policies. This development is not limited to a country - Brazil, South Korea, Taiwan and Turkey show similar tendencies. The question that arises: How could it get that far?

A decisive factor is the change from a neoliberal to a neo-feudal economic system. While neoliberalism is based on "free markets", neo-feudalism describes a world of extreme inequality in which a growing lower class serves the needs of a handful of mega-rich. Jodi Dean sums it up: "A few billionaires, a billion precarious worker." This gap between rich and poor is growing rapidly - income relief has exploded worldwide since the 1980s!

The role of the platform industry in which tech giants such as Apple, Google and Meta have become super-rich, while they rely on inexpensive workers and tax advantages. These companies have made their owners (centi) billionaires by relying on precarious employment relationships and at the same time benefiting from state incentives.

The dark side of power

The combination of politics and business is alarming! Trump, Musk and Co. are a “representative of people”, but their politics primarily serves the goal of maximizing corporate profits. Tax cuts, attractive incentives for companies and the reduction of environmental and investment regulations are at the top of their agenda. The question remains: where does this path lead us?

If the world actually slips into a neo-feudal order, this could mean that liberal democracies are increasingly accepting authoritarian trains. Isn't the authoritarian capitalism in Russia and China the exception, but the future of liberal democracy? The signs are on storm!

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