The term “oligarch” derives from the Ancient Greek oligarkhia, meaning “the rule of the few.” Such power structures allow a very small number of persons to control the vast mass of people. Regimes of that nature were not uncommon during feudal times in medieval Europe and in earlier primitive settings.
They more recently predominated during the Russian privatization of the 1990s, when “businessmen” quickly acquired huge wealth in post-Soviet states. Such kleptocracy led to considerable crime and instability in the East. The new superrich “czars” came to buy celebrity status on the Riviera, in Knightsbridge, and New York City. Their mega-yachts still clog harbors and their Maybachs, fancy five-star hotels and casinos, wherever they frequent.Read More