Plutocracy

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Types of government

Plutocracy is a form of government where all real political and economic power is vested in the wealthiest members of society, an individual's wealth usually determing one's ranking in the social hierarchy. Plutcocratic states are characterised by high levels of economic inequality - usually resulting in high levels of proportional poverty - and low social mobility. As a result, plutocratic states tend to develop into aristocratic states over time, with rule according to wealth becoming synomynous with rule by social class.