“
Aristotle’s Politics, Book III, Chapter 8 The real difference between democracy and oligarchy is between poverty and wealth. Wherever the rulers, whether they be a minority or a majority, owe their power to wealth, that is an oligarchy. Wherever the poor rule, that is a democracy. Usually, where the rulers hold power by wealth, they are few, but where the poor rule, they are many, because few men are rich but all are free [if they are citizens in a city-state], and wealth and freedom are the grounds on which the two groups lay claim to government. Democracy is not necessarily only wherever the multitude has authority. Oligarchy is not necessarily wherever a minority has power over the system of government. If the majority of a citystate were wealthy and had authority, nobody would call it a democracy, just as if a small group of poor men had control over a larger rich population, nobody would call it an oligarchy. Rather, democracy is when every free citizen has authority and oligarchy is when the rich have it. Democracy is when there is a majority of free, poor men who have authority to rule, while oligarchy is when it is in the hands of the wealthy and well-born, who are a minority.
”
”
Noam Chomsky (Requiem for the American Dream: The 10 Principles of Concentration of Wealth & Power)