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ciently. This rule applies everywhere—including social organi- zations, political parties, and trade unions. “Who says organi- zation, says oligarchy,” Michels explained in his book Political Parties: A Sociological Study of the Oligarchical Tendencies of Modern Democracy . According to Michels, all governing sys- tems eventually become oligarchies. Defending Wealth Northwestern University professor Jeffrey Winters says that Michels’s iron law describes elitism, but not necessarily oli- garchy. In his book Oligarchy (2011), Winters accepts the defi- nition of oligarchy as rule by the few. But the few hold an extreme concentration of wealth. Defending this wealth, which is an important power resource, is the main objective of oli- garchs, he argues. “The common thread for all oligarchs across history is that wealth defines them, empowers them, and inherently exposes them to a range of threats,” Winters writes.

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Oligarchy and the Elite

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