The Oligarchic Endgame Theory

An interesting article in today’s Guardian from Ingrid Robeyns – a Belgian-Dutch economist and philosopher. In it she argues that extreme wealth (with Elon Musk as the most extreme example) is damaging to wider society. At one point she writes:

The ultimate danger is the so-called oligarchic endgame theory, whereby power is concentrated among the super-rich. Governments, captured by the richest, then do everything to protect the privileges of this group and its supporters. Democracy itself is at risk if the rigid social hierarchy implied by this concentration of power among the wealthiest comes to pass.

It seems to me that the “so-called oligarchic endgame theory” is no longer a theory, but a cold hard fact..