On January 17th, 1961, Dwight D. Eisenhower gave his presidential farewell address. In it, he is noted for warning the United States about a growing "military-industrial complex," something that many historians will today note was quite prophetic.
On January 15th, 2025, Joe Biden offered a very Eisenhower-like farewell address, where he warned the United States about the growing oligarchy that is threatening the nation. He said,
That’s why my farewell address tonight, I want to warn the country of some things that give me great concern. The dangerous concentration of power in the hands of a very few ultra-wealthy people, and the dangerous consequences if their abuse of power is left unchecked. Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms and a fair shot for everyone to get ahead. We see the consequences all across America. And we’ve seen it before. More than a century ago, the American people stood up to the robber barons back then and busted the trusts. They didn’t punish the wealthy. They just made the wealthy play by the rules everybody else had. Workers want rights to earn their fair share. You know, they were dealt into the deal, and it helped put us on the path to building the largest middle class, the most prosperous century any nation the world has ever seen. We’ve got to do that again. [Read the full speech transcript here.]
Is the United States becoming an oligarchy? Most of Donald Trump's recent Cabinet nominations have been filled with generally unqualified people who have a collective wealth of $460 billion and his policy agenda is mainly focused on tax cuts for the wealthiest Americans (see also the tax-related sections of Project 2025, which is a guiding document for his administration). He has also assigned one of the richest people in the world to examine places to cut government spending. And, it is not just Biden who is warning about this. Rather, some journalists, historians, and economics have been suggesting this for over a decade.
So, what is oligarchy (or perhaps a related concept, plutocracy) and how should social studies teachers consider addressing the growing (or perhaps always present) power of the ultra-wealthy on the United States democracy? How can the people push back by the increasing influence of corporations and wealthy individuals? This posts seeks to answer those questions.
In approaching this topic, teachers may consider posing the following inquiry question to their students:
What measures (if any) should be taken to ensure that wealthy Americans do not have an unfair amount of influence on the U.S. government?
To answer this question, below are a series of topics and sources that can be used.
Defining Oligarchy and Its History
Below are a series of articles defining what an oligarchy is and how it has changed over time from ancient Greece to the United States and Russia as potential oligarchies today.
This Form of Government Leaves Power in the Hands of a Few: Oligarchies Explained" by Clare Mulroy
(USA Today)
"What Is Oligarchy, Really?" by Sammy Westfall (The Washington Post)
"What Is an Oligarch?" by Joel Samuels (The Conversation)
"What Is Oligarchy?" by Timothy Snyder
"The Oligarchs’ Revenge: The Making of the Modern Right" by Manisha Sinha (The Nation)
Legislation on Money in Politics
During several different periods, Congress has attempted to regulate the influence of money in politics. Below are several important laws dating back to the early 20th century.
Money in Politics Timeline (Open Secrets)
Federal Elections Campaign Act of 1971
Bipartisan Campaign Reform Act (McCain-Feingold Act) (Ballotpedia)
"The Legacy and Impact of McCain-Feingold" by Kaitlin Washburn (Open Secrets)
"How Can the U.S. Shrink the Influence of Money in Politics?" by Russell Berman (The Atlantic)
Influence of Big Money (The Brennan Center for Justice)
Buckley v. Valeo, Citizens United, and Other Supreme Court Cases
The Supreme Court has played a major role in re-interpreting the boundaries of wealth and influence in politics. Several cases have removed restrictions on political donations, considering "money as free speech."
"Citizens United Explained" (The Brennan Center for Justice)
"Americans for Prosperity v. Bonta" (Oyez.org)
"Supreme Court Just Made Citizens United Even Worse" by Ian Millhiser (Vox)
The U.S. Oligarchy Today
Here are a series of commentaries on the current status of oligarchy in the United States.
"Study: US Is an Oligarchy, Not a Democracy" by British Broadcasting Corporation (full study by Martin Gilens and Benjamin Page)
"What Is an Oligarchy, and Is the United States Poised to Become One?" by (The Conversation)
"America’s new plutocracy" by Will Dunn (The American Statesmen)
"The Rise of the American Oligarchy" by Tim Murphy (Mother Jones)
"Stop Calling the U.S. an Oligarchy" by Samuel Goodman (The Week)
Ways to Stop Oligarchies
Here are some articles that discuss ways to stop oligarchies.
"Three Solutions to the Oligarchy Problem" by Zephyr Teachout and Kelly Nuxoll (Huff Post)
"Countering Nationalist Oligarchy" by Ganesh Sitaraman (Democracy Journal)
