‘Democracy fundamentally entails political equality among citizens – that is, an equal opportunity for all to participate in political decision-making. However, when an ultra-wealthy elite is able to translate its economic power into political influence, subjugating state institutions to its interests, political equality is deeply undermined. In such circumstances, the political system can no longer be regarded as democratic and instead transforms into an oligarchy.’
Link: https://www.tandfonline.com/doi/full/10.1080/09615768.2026.2750026
