One modern, formal example of a plutocracy, according to some critics, is the City of London. A former chairman of the Federal Reserve, Paul Volcker, also believed the US to be developing into a plutocracy. According to Noam Chomsky and Jimmy Carter, the modern United States resembles a plutocracy though with democratic forms. Historic examples of plutocracies include the Roman Empire, some city-states in Ancient Greece, the civilization of Carthage, the Italian merchant city states of Venice, Florence, Genoa, the Dutch Republic and the pre-World War II Empire of Japan (the zaibatsu). Throughout history, political thinkers and philosophers have condemned plutocrats for ignoring their social responsibilities, using their power to serve their own purposes and thereby increasing poverty and nurturing class conflict and corrupting societies with greed and hedonism. The term plutocracy is generally used as a pejorative to describe or warn against an undesirable condition. Unlike most political systems, plutocracy is not rooted in any established political philosophy. The first known use of the term in English dates from 1631.
A plutocracy (from Ancient Greek πλοῦτος ( ploûtos) 'wealth', and κράτος ( krátos) 'power') or plutarchy is a society that is ruled or controlled by people of great wealth or income.
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