In his farewell address on Wednesday, President Joe Biden warned the nation that an “oligarchy” is on the rise. The speech comes just five days before President-elect Donald Trump returns to the White House for his second tenure.
“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that threatens our entire democracy, our basic rights, the freedoms and the fair shot for everyone to get ahead,” Biden said.
But.. What does oligarchy mean?
A quick Google search informed us that the basic meaning of the term refers to a government or institution run by a few groups of people or families.
The Best Examples of Oligarchy
According to reports, a group of Russian oligarchs controlled most of the country’s economy long before Russian President Vladimir Putin came to power. When Putin became president, he offered them a choice of prison or loyalty.
China is known as the best example of a communist regime, a “people’s republic.” Still, there have been debates that the country could be called an oligarchy because leadership has remained in the hands of a few for several decades.
According to National Geographic, Iran has been called both a theocracy and a clerical oligarchy because of the power clerics hold. A Supreme Leader (chosen by an “Assembly of Experts”) runs the country with 2,000 clerical field operatives in Iran.
Biden’s term officially ends on January 20 with Donald Trump’s inauguration.
