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In northwestern Europe it produced an oligarchy of a few exceptionally wealthy families.
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His underlying thesis is that industry structure (unfortunately in communications all too often a monopoly or oligarchy) determines freedom of expression.
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It is not a breach of fiduciary duty to accept near-frictionless bitcoin instead of funneling 3% or more to the PayPal-credit card oligarchy.
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Suspicion of a financial oligarchy is a recurrent theme in America.
ECONOMIST: The financial crisis and the future of regulation
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But that was not a marketplace-driven solution in the strictest sense as Morgan and his compeers were a tightly-knit oligarchy, the likes of which does not exist today.
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Strauss-Kahn is a symbol of such oligarchy.
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Mr Bremmer, the president of the Eurasia Group, a political-risk consultancy, points out that state capitalism's fate is bound up with the fortunes of some very unpleasant political cliques, such as the Saudi royal family and the Russian oligarchy.
ECONOMIST: The state and the economy
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This is the reality of the basis of the current ideological foundation of the Egyptian army and the regime and the oligarchy that has had control for over six decades, sixty years of this, this is what we are having.
CENTERFORSECURITYPOLICY: Center For Security Policy
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Venice was a hereditary oligarchy.
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The authors' argument, first laid out in the Atlantic a year ago, is that America's big banks act as an oligarchy, a group that has gained political power because of its economic power and then uses that political power for its own benefit.
ECONOMIST: The financial crisis and the future of regulation