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Define plutocracy
Define plutocracy





It is usually believed that election in Nigeria is a two-way race between these two main political parties because they have political structures, hence, the quest to run on either of these parties. In 2019, APC presidential nomination form cost N45 million, while, PDP was N12 million. The cost of nomination and expression of interest form of the two major political parties is out of reach of the youth. The main challenge is that it is difficult for an average Nigerian youth to participate successfully in the electoral process, because of lack of financial requirement to vie for political office. But the youth have not benefitted much from it. In May 2018, the bill on “Not too Young To Run” was signed into law.

define plutocracy

The policies often harm the interests of the middle class, so that the wealthy tend to enjoy a more secured position. Sometimes, they may even be carried out in the name of fairness, equity and righting historical injustices. Such policies tend to be cloaked in some seemingly legitimate policy goal that just coincidentally, results in advancing or securing the interests of the wealthy.

define plutocracy

As a result, a relatively small proportion of the population, with access to the wealth, and control of the commanding heights of the economy, is able to shape both public opinion and public policy in their own interests. Policies enacted and enforced tend to rebound to the benefit of the wealthy. This may be a matter of restrictions that explicitly require that a person has some specified level of economic affluence in order to exercise political authority, such as holding public office. In a plutocracy, access to political power is limited and requires one, either to possess wealth or to have support of the wealthy, by being willing to serve their interests. The concern of inadvertently creating a plutocracy is that the regulatory focus will be concentrated on the goals of the wealthy, creating even more income and asset-based inequality.

define plutocracy

Instead, it can be created through the allowance of access to certain programmes, and educational resources only to the wealthy, thereby, making it so that the wealthy hold more sway. It does not have to be a purposeful overt format for government.







Define plutocracy