Part 8/11:
According to Winters, this isn’t an outlandish fear. He posits that oligarchs will usually unite to shield their wealth, often leading to lobbying efforts to ensure favorable tax policies. Therefore, while ordinary citizens gain the vote, the ultra-wealthy can manipulate the system through financial might.
The Future Outlook
What's particularly precarious is that during crises, public sentiment can shift dramatically against the oligarchical elite, as seen in historical contexts. For instance, during the Great Depression, progressive tax reforms emerged, which supplemented a temporary retreat of oligarchic power.