Plutocracy or Democracy?

Despite much lofty rhetoric portraying the United States as a democracy (in which the people rule), this nation, in fact, has often resembled a plutocracy (in which the wealthy rule).

The confusion owes a great deal to the fact that the United States, at its founding, was somewhat more democratic than its contemporaries.  In the eighteenth century, European nations, governed by kings, princes, and other wealthy hereditary elites, usually provided a contrast to the more unruly, less hidebound new read more