This book excerpt is part of Cafe, TPM’s home for opinion and news analysis.

For most of human history, trying to identify an oligarchy has been difficult. Part of that has to do with the definition of the term “oligarchy” in the first place. Aristotle first popularized the word thousands of years ago, pointing out that an oligarchy — which literally means “rule of the few” — is indeed all about a small number of individuals steering a given country, nation, or empire. But even then, Aristotle added, it wasn’t just about the number of individuals that mattered, but also about how much wealth they controlled. In order to have an oligarchy, a state had to be run not just by the few, but by the wealthiest few. 

The other part that’s made “oligarchy” such a tricky thing to define is that, for centuries, oligarchic figures tended to operate out of sight, or by playing down their impact on politics. Not always, necessarily; the so-called “robber barons” of the Gilded Age — oligarchs by another name — were front and center in American society in the late 19th and early 20th century. But by and large, oligarchs tended to downplay their influence, and even their wealth. Since they could operate as the powers behind the throne, they tended to keep themselves (and their wealth) out of the spotlight, making it even trickier to nail down who an oligarch actually is, or what oligarchy looks like when it’s taken over a democracy. 

Those two factors — the difficulties in defining “oligarchy,” and the struggles in identifying oligarchs themselves — made analyzing the topic, let alone writing a book about it, an uphill battle. 

And then, in January 2025, all of that changed. Because there, in the U.S. Capitol, as President Donald Trump once more swore the oath of office for the presidency, stood a suite of men, just off to the side, all standing in a row. They looked out over the audience, smiling in their suits. In that moment, those figures — Elon Musk, Mark Zuckerberg, Jeff Bezos, and a small number of others — made oligarchy impossible to miss. Looking out at a man they’d propelled back to office — at a man who would usher in not only the most corrupt administration in American history, but who is himself oligarchy made flesh — they forced Americans to an inescapable realization. We’d once, as a country, had a Gilded Age. But now, with more wealth inequality than ever prior, and with more power concentrated in the hands of a small number of select men, we have something else: the Age of Oligarchy. 

Climate nonprofits can again access their federal funding more than a year after the Trump EPA ordered Citibank to freeze their accounts.