PLUTONOMY Meaning and
Definition
-
Plutonomy is a term used to describe an economic system or situation where the majority of wealth and economic power is in the hands of a select few individuals or groups. Derived from the combination of the words "plutocracy" (rule by the wealthy) and "economy," it refers to an economy that is heavily influenced and controlled by the wealthiest members of society.
In a plutonomy, the affluent minority typically dictate the economic policies, rules, and decisions that impact the overall functioning of the economy. They possess an outsized share of the income, assets, and political influence, enabling them to shape economic activities to their advantage. Plutonomies often exhibit significant income and wealth disparities, with a small fraction of individuals or corporations commanding a substantial portion of the total wealth and income generated in the economy.
The concept of plutonomy also emphasizes the idea that the consumption patterns and behaviors of the wealthy minority have a disproportionate influence on economic growth and prosperity. As the affluent few control a significant portion of discretionary spending, their preferences and consumption choices can drive economic trends, influencing industries, markets, and demand patterns.
However, the idea of plutonomy is not without controversy. Critics argue that it perpetuates inequality, as it concentrates resources and power in the hands of a limited portion of the population, potentially leading to social instability and an imbalanced distribution of resources and opportunities.
Common Misspellings for PLUTONOMY
- olutonomy
- llutonomy
- -lutonomy
- 0lutonomy
- pkutonomy
- pputonomy
- poutonomy
- plytonomy
- plhtonomy
- pljtonomy
- plitonomy
- pl8tonomy
- pl7tonomy
- pluronomy
- plufonomy
- plugonomy
- pluyonomy
- plu6onomy
- plu5onomy
- plutinomy
Etymology of PLUTONOMY
The word "plutonomy" is derived from the combination of two ancient Greek words: "ploutos" (πλοῦτος) meaning "wealth" and "nomos" (νόμος) meaning "law" or "system". The term was coined in the early 2000s and gained popularity in the field of economics. The concept of "plutonomy" refers to an economy or society that is strongly influenced or controlled by a small percentage of the wealthiest individuals.
Infographic
Add the infographic to your website:
