EDGS Director Jeffrey Winters Discusses American Oligarchy on NPR’s All Things Considered
On January 22, 2025, EDGS Director Jeffrey Winters joined host Ailsa Chang on NPR's All Things Considered to discuss the growing influence of the ultra-wealthy in American politics. The conversation was sparked by outgoing President Joe Biden’s farewell address, in which he warned of a rising oligarchy that "literally threatens our entire democracy." Winters, a professor of Political Science at Northwestern University and an expert on oligarchy, provided historical context and insights into how extreme wealth shapes political power in the United States.
Defining Oligarchy in America
Winters began by addressing the term oligarchy, which, he noted, has often been associated with Eastern Europe but is increasingly used to describe political dynamics in the U.S. He explained that oligarchs are individuals who wield significant political influence due to their immense wealth. Unlike ordinary rich people, oligarchs actively use their financial resources to shape policies and protect their economic interests.
“The No. 1 political objective of oligarchs throughout history has been wealth defense,” Winters said. He emphasized that oligarchs are primarily concerned with preventing the redistribution of their fortunes and use their political clout to shape laws and policies in their favor.
Echoes of the Robber Barons
Chang brought up Biden’s comparison between today’s ultra-wealthy and the robber barons of the late 19th and early 20th centuries, such as John D. Rockefeller and J.P. Morgan. Winters agreed that there are strong parallels between the two eras, particularly in terms of public awareness of oligarchic power.
“There have been oligarchs, and there has been oligarchic power,” he explained, “but it hasn’t been as visible and as agitating to people as it is now.” He pointed to the high-profile presence of billionaires on the stage at the recent inauguration of Donald Trump as a stark visual representation of their influence in government.
The Benefits and Risks of Billionaire Influence
Chang asked whether there were any legitimate advantages to having highly successful business leaders involved in government. Winters acknowledged that many of these individuals are exceptionally talented, and their expertise can be valuable. However, he cautioned that in the past, when business leaders were brought into government roles, they were required to step away from their private enterprises to prevent conflicts of interest—something that is less strictly enforced today.
He also warned that when oligarchs become too visible in their political influence, it can lead to public backlash, as seen during the Gilded Age. “One of the strategies of oligarchs throughout history has been to not be too visible,” Winters said. “Visibility has not always worked well for oligarchs.”
A Historical Cycle of Wealth and Power
When asked whether Trump’s close alliance with billionaires represents something unprecedented, Winters pushed back, arguing that history is repeating itself rather than breaking new ground. “The United States is a vastly more unequal society today than it was 50 years ago,” he noted, citing a RAND Corporation study estimating that $50 trillion in wealth has been transferred upward to the 1 percent over the past half-century. “One of the reasons we, and the country, are talking about it is, it’s incredibly visible, and people are concerned about the impact.”
As for whether this trend will provoke a political backlash, Winters declined to speculate. “Political scientists have a hard enough time explaining what has happened,” he said with a laugh.
Winters’ insights align with the themes of his upcoming book, Domination Through Democracy: Why Oligarchs Win, in which he further explores how the wealthy maintain control in democratic systems. His conversation with Chang underscored the increasing public scrutiny of oligarchic power in the U.S. and the potential implications for American democracy.