Oligarchy and Political Modernity: Conceptual Transformation and the Politics of Wealth
Author and Publication Information
Author: Andreas Kalyvas, Department of Politics, The New School for Social Research, New York, New York, USA
Contact: Kalyvasa@newschool.edu
Article Status: Received on 18 September 2024; Revised on 5 March 2025; Accepted on 9 June 2025
Funding: No specific funding was received for this work.
Key Themes and Concepts
Central Importance of Property in Oligarchy:
Property is the most esteemed asset within the oligarchic city. (Plato, 1994, p. 275)
Government is seen primarily as a mechanism to secure wealth and defend the rich from the poor. (Smith, 1763/1982, p. 404)
The institution of government exists fundamentally to protect private property. (Madison, 1792/1977, p. 266)
Relationship of Wealth and State:
Modern private property correlates directly with the modern State. (Marx and Engels, 1844/1978, p. 187)
According to Marx, the relationship between industrial wealth and political power is a signature problem of modernity. (Marx, 1843/1975, p. 248)
Oligarchy as a Concept
Understanding Oligarchy:
The concept of oligarchy focuses on the intersection between economic power and political authority, and the related issues of property, legal structures, and class relations.
It is crucial to recognize the entangled nature of political, economic, and legal structures within the fabric of oligarchy.
Oligarchy emphasizes the significance of economic power in politics, the makeup of the ruling class, and the dominance of property within the sovereign structure.
Historical Perspectives on Oligarchy:
Both Marx and the Marxist tradition sparsely addressed oligarchy in their analysis of capitalist modernity and the bourgeoisie's political dominance. This exclusion in political discourse could indicate a missed opportunity in characterizing the modern world as one of oligarchic rule.
Conceptual Historical Context
Marginalization of Oligarchy:
The concept of oligarchy began to lose its political relevance during capitalism's expansion and the bourgeoisie's rise, leading to diminished recognition in key political discussions.
The emergence of liberal democracy overshadowed oligarchy, resulting in its decline from political terminology.
Evolving into modern discussions, oligarchy transformed into a sociological term, losing its distinct political significance, even as the dynamics of wealth and power reflected classic oligarchic traits.
Definition and Criteria of Oligarchy
Criteria for Classification:
Oligarchy is defined by three major new criteria that correspond to its material foundations:
Economic distinctions between wealth and poverty.
Class divisions between the rich and the poor and the ensuing conflicts.
Private property serving as the standard for rights and political engagement.
Fundamental Characteristics of Oligarchy:
Oligarchy is established as a form of minority rule based on wealth, which primarily seeks to safeguard the interests of the wealthy class, described by Aristotle as a government “in the hands of those who own properties.”
Oligarchy is also depicted as the sovereignty of wealth in society, illustrating the power dynamics between capital and labor, as indicated by Marx’s view on power dynamics.
Historical Transformation of Oligarchy
Change in Conceptualization Over Time:
By the end of the 19th century, key transformations occurred:
The social composition related to wealth became abstract and impersonal, obscuring the importance of material power in the reproduction of sovereignty.
The reduction of oligarchy to formal definitions treated all systems as inherently oligarchic, reflecting a shift towards viewing oligarchy as universal and omnipresent.
The depoliticization led to the absorption of oligarchy by sociological discourse which failed to account for the importance of property relations in political power.
The Decline of Oligarchy in Political Discourse
Universal Suffrage and Its Effects:
The collapse of wealth-related citizenship qualifications under universal voting mechanisms destabilized oligarchy as a functioning concept in modern republican frameworks, resulting in perceived resolution of its political significance.
Contrary views emerged during the American founding debates about the balance between property rights and personal liberties and how wealth influences political power.
Contemporary Implications and Critique
Modern Liberal Democracy vs. Oligarchy:
Liberal democracy's claims of representation and rights often masked underlying oligarchic realities where wealth still plays a prominent role in governance.
Critics have pointed out that the mechanisms of representation still favor the wealthy, akin to oligarchic structures cloaked in democratic rhetoric.
Marx’s critical perspective of political emancipation offers insights into the relationship of property to citizenship, urging a more in-depth analysis of wealth's role in governance and rights.
Conclusion and Questions Raised
Questions on Oligarchy's Relevance Today:
What caused oligarchy’s decline as a concept during the rise of liberal democracy?
How does the marginalization of oligarchy affect understanding modern political frameworks?
Can the theory of oligarchic governance provide relevancy in analyzing contemporary political challenges and the liberal order?
References
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