“The ‘Super-Wealthy’: Bossing Democracy? – Is it Intimidating the System?

Throughout history, the influence of the wealthy has played an integral part in politics. Today, the power of the elite has increased tenfold thanks to the staggering wealth divide between the wealthy and the poor. This rapid rise in wealth disparity has caused concern amongst democratic circles as the wealthy, dubbed ‘the mega-rich’, could potentially become the new bosses of politics. The emergence of the mega-rich has been driven by the focus on economic growth, fuelling unequal distribution in income and wealth. According to a recent study by the Institute for Policy Studies, “The combined wealth of the megarich has risen and grown so vast that they hold more political power in the US than any period since North America was discovered.” This power imbalance has enabled the mega-rich to acquire political influence that goes beyond the ballot box and could even go as far as to “dictate the policies established by government and elected representatives.” Will this new form of power cause a detriment to democracy? One can argue that it depends on how this power is used. The unparalleled resources of the mega-rich, such as access to influential networks, access to capital and influence over media outlets, could be mobilised for good. For instance, the funds raised for philanthropic causes could make possible innovative and audacious projects that benefit large sectors of society. On the other hand, experts have voiced their worries that the mega-rich could use their powers to further their own interests while compromising the rights of the majority. This could occur in numerous ways, such as taking advantage of corporate tax loopholes to avoid paying a fair share, maximising their economic return at the expense of the environment and promoting populist policies that aim to widen the wealth and income divide. Therefore, we must build a political environment where the efforts of the mega-rich are channeled towards the common good, where decision-making is transparent and free from manipulation and where checks and balances exist to ensure the resources are fairly allocated and distributed. If democracies fail to do this, they risk an ‘oligarchisation’ of power where political influence is more focused on the mega-rich’s exclusive agenda rather than the democratic citizen’s choice. The ascendancy of the mega-rich carries a great responsibility that must be taken into careful consideration. As democracies, we must ensure power and resources are fairly allocated, making sure the elite’s monopolisation of political power does not rob citizens of their democratic rights. Throughout history, the influence of the wealthy has played an integral part in politics. Today, the power of the elite has increased tenfold thanks to the staggering wealth divide between the wealthy and the poor. This rapid rise in wealth disparity has caused concern amongst democratic circles as the wealthy, dubbed ‘the mega-rich’, could potentially become the new bosses of politics. The emergence of the mega-rich has been driven by the focus on economic growth, fuelling unequal distribution in income and wealth. According to a recent study by the Institute for Policy Studies, “The combined wealth of the megarich has risen and grown so vast that they hold more political power in the US than any period since North America was discovered.” This power imbalance has enabled the mega-rich to acquire political influence that goes beyond the ballot box and could even go as far as to “dictate the policies established by government and elected representatives.” Will this new form of power cause a detriment to democracy? One can argue that it depends on how this power is used. The unparalleled resources of the mega-rich, such as access to influential networks, access to capital and influence over media outlets, could be mobilised for good. For instance, the funds raised for philanthropic causes could make possible innovative and audacious projects that benefit large sectors of society. On the other hand, experts have voiced their worries that the mega-rich could use their powers to further their own interests while compromising the rights of the majority. This could occur in numerous ways, such as taking advantage of corporate tax loopholes to avoid paying a fair share, maximising their economic return at the expense of the environment and promoting populist policies that aim to widen the wealth and income divide. Therefore, we must build a political environment where the efforts of the mega-rich are channeled towards the common good, where decision-making is transparent and free from manipulation and where checks and balances exist to ensure the resources are fairly allocated and distributed. If democracies fail to do this, they risk an ‘oligarchisation’ of power where political influence is more focused on the mega-rich’s exclusive agenda rather than the democratic citizen’s choice. The ascendancy of the mega-rich carries a great responsibility that must be taken into careful consideration. As democracies, we must ensure power and resources are fairly allocated, making sure the elite’s monopolisation of political power does not rob citizens of their democratic rights.