Plutocracy 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. Unlike systems such as
democracy,
capitalism,
socialism or
anarchism, plutocracy is not rooted in an established
political philosophy. The concept of plutocracy may be advocated by the wealthy classes of a society in an indirect or surreptitious fashion, though the term itself is almost always used in a
pejorative sense.