And what manner of government do you term oligarchy?
A government resting on a valuation of property, in which the rich have power and the poor man is deprived of it.
... The accumulation of gold in the treasury of private individuals is the ruin of timocracy; they invent illegal modes of expenditure; for what do they or their wives care about the law?
... And then one, seeing another grow rich, seeks to rival him, and thus the great mass of the citizens become lovers of money.
... And so they grow richer and richer, and the more they think of making a fortune the less they think of virtue; for when riches and virtue are placed together in the scales of the balance, the one always rises as the other falls.
... And in proportion as riches and rich men are honoured in the State, virtue and the virtuous are dishonoured.
... And what is honoured is cultivated, and that which has no honour is neglected.
... And so at last, instead of loving contention and glory, men become lovers of trade and money; they honour and look up to the rich man, and make a ruler of him, and dishonour the poor man.
... They next proceed to make a law which fixes a sum of money as the qualification of citizenship; the sum is higher in one place and lower in another, as the oligarchy is more or less exclusive; and they allow no one whose property falls below the amount fixed to have any share in the government. These changes in the constitution they effect by force of arms, if intimidation has not already done their work.
... And this, speaking generally, is the way in which oligarchy is established.
Yes, he said; but what are the characteristics of this form of government, and what are the defects of which we were speaking?
First of all, I said, consider the nature of the qualification. Just think what would happen if pilots were to be chosen according to their property, and a poor man were refused permission to steer, even though he were a better pilot?
You mean that they would shipwreck?
Yes; and is not this true of the government of anything? ... This, then, will be the first great defect of oligarchy?
... And here is another defect which is quite as bad.... The inevitable division: such a State is not one, but two States, the one of poor, the other of rich men; and they are living on the same spot and always conspiring against one another.
... Another discreditable feature is, that, for a like reason, they are incapable of carrying on any war. Either they arm the multitude, and then they are more afraid of them than of the enemy; or, if they do not call them out in the hour of battle, they are oligarchs indeed, few to fight as they are few to rule. And at the same time their fondness for money makes them unwilling to pay taxes.
And, as we said before, under such a constitution the same persons have too many callings—they are husbandmen, tradesmen, warriors, all in one. Does that look well?
Anything but well.
There is another evil which is, perhaps, the greatest of all, and to which this State first begins to be liable.
A man may sell all that he has, and another may acquire his property; yet after the sale he may dwell in the city of which he is no longer a part, being neither trader, nor artisan, nor horseman, nor hoplite, but only a poor, helpless creature.
Yes, that is an evil which also first begins in this State.
The evil is certainly not prevented there; for oligarchies have both the extremes of great wealth and utter poverty.
But think again: In his wealthy days, while he was spending his money, was a man of this sort a whit more good to the State for the purposes of citizenship? Or did he only seem to be a member of the ruling body, although in truth he was neither ruler nor subject, but just a spendthrift?
As you say, he seemed to be a ruler, but was only a spendthrift.
May we not say that this is the drone in the house who is like the drone in the honeycomb, and that the one is the plague of the city as the other is of the hive?
Just so, Socrates.
And God has made the flying drones, Adeimantus, all without stings, whereas of the walking drones he has made some without stings but others have dreadful stings; of the stingless class are those who in their old age end as paupers; of the stingers come all the criminal class, as they are termed.
Most true, he said.
Clearly then, whenever you see paupers in a State, somewhere in that neighborhood there are hidden away thieves, and cut-purses and robbers of temples, and all sorts of malefactors.
Well, I said, and in oligarchical States do you not find paupers?
Yes, he said; nearly everybody is a pauper who is not a ruler.
And may we be so bold as to affirm that there are also many criminals to be found in them, rogues who have stings, and whom the authorities are careful to restrain by force?
Certainly, we may be so bold.
The existence of such persons is to be attributed to want of education, ill-training, and an evil constitution of the State?
Such, then, is the form and such are the evils of oligarchy; and there may be many other evils.
Then oligarchy, or the form of government in which the rulers are elected for their wealth, may now be dismissed ...Let us next proceed to consider the nature and origin of the individual who answers to this State
... And when he has made reason and spirit sit down on the ground obediently on either side of their sovereign, and taught them to know their place, he compels the one to think only of how lesser sums may be turned into larger ones, and will not allow the other to worship and admire anything but riches and rich men, or to be ambitious of anything so much as the acquisition of wealth and the means of acquiring it.
Of all changes, he said, there is none so speedy or so sure as the conversion of the ambitious youth into the avaricious one.
And the avaricious, I said, is the oligarchical youth?
Yes, he said; at any rate the individual out of whom he came is like the State out of which oligarchy came.... He is a shabby fellow, who saves something out of everything and makes a purse for himself; and this is the sort of man whom the vulgar applaud. Is he not a true image of the State which he represents?
He appears to me to be so; at any rate money is highly valued by him as well as by the State.... Do you know where you will have to look if you want to discover his rogueries? ... You should see him where he has some great opportunity of acting dishonestly, as in the guardianship of an orphan.
... It will be clear enough then that in his ordinary dealings which give him a reputation for honesty he coerces his bad passions by an enforced virtue; not making them see that they are wrong, or taming them by reason, but by necessity and fear constraining them, and because he trembles for his possessions.
... The man, then, will be at war with himself; he will be two men, and not one; but, in general, his better desires will be found to prevail over his inferior ones.
... For these reasons such an one will be more respectable than most people; yet the true virtue of a unanimous and harmonious soul will flee far away and never come near him.
... And surely, the miser individually will be an ignoble competitor in a State for any prize of victory, or other object of honourable ambition; he will not spend his money in the contest for glory; so afraid is he of awakening his expensive appetites and inviting them to help and join in the struggle; in true oligarchical fashion he fights with a small part only of his resources, and the result commonly is that he loses the prize and saves his money.
... Can we any longer doubt, then, that the miser and money-maker answers to the oligarchical State?
There can be no doubt.
Plato, "The Republic"
380 B.C. or so.
(apologies to the author for extracting 'relevant' text)