what is plutocracy
Plutocracy (from Greek ÏÎ»Î¿á¿¦ÏÎ¿Ï, ploutos, meaning wealth, and ÎºÏÎ¬ÏÎ¿Ï, kratos, meaning power, dominion, rule) or plutarchy, is a form of oligarchy and defines a society ruled or controlled by the small minority of the wealthiest citizens.The first known use of the term was in 1652.ne modern, formal example of what some critics have described as a plutocracy is the City of London. The City (not the whole of modern London but the area of the ancient city, about 1 sq mile or 2.5 km2, which now mainly comprises the financial district) has a unique electoral system for its local administration.