plutocracy

This term carries a strong negative connotation, typically implying that the concentration of wealth leads to corruption, inequality, and the erosion of democratic principles. It describes a state where financial power is translated directly into political authority, often regardless of the legal framework in place. While it can refer to the abstract system of governance, it is frequently used to describe the specific elite class of individuals who wield this power. It is distinct from an oligarchy, which is rule by a few regardless of their wealth, though the two often overlap in practice.