Plutocrats are a phrase that emerges from plutocracy which defines a society that has a minority which is powerful, wealthy and dominated the means of production. According to Freeland (2012), plutocrats are a mere 1% of the world population but control over 90% of the world…
The growth of plutocrats in the 21st century has been supported by the growing global businesses, emergence of technology and neoliberalism as captured in her publication. The rise of plutocrats has been facilitated by the era of neoliberalism, emergence of technology which enables plutocrats to control factors of production and economic globalization. The rise of global plutocrats has significant political implication in various parts of the world especially on countries that have influence on global business and trade (Gardels, 2013). In this paper, the impacts of globalization, technology and neoliberalism on plutocrats will be discussed in this paper including its implications on global politics.
Freeland (2012) identifies neoliberalism, economic globalization and change in technology as some of the emerging issues in this era that influences the emergence of plutocracy. Neoliberalism is defined as the growth of ideas that thrive on a free society thus leading to the development of free trade and a decline in government interference. Neoliberalism has facilitated the emergence of plutocracy through the strengthening of the belief that despite the social position we hold in the society at birth, we are well placed to rise to the top by utilizing our talent (Gardels, 2013).
With a laissez fairer economics, the market is liberated from any form of political or government interference, opening business opportunities with those with the means to acquire the factors of production. Under neoliberalism, the state should not in any way interfere with the business activities of the private sector. Instead, it should introduce the right safeguards aimed at protecting private property and ensuring that the activities of the plutocrats are not affected by policies which restrict the market (Gardels, 2013).
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