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Flashmag ! Issue 158 March 2025
These oligarchies took advantage of wars to establish lucrative trade routes , thereby gaining control over resources . For example , the merchant oligarchy of the city of Amsterdam supported the wars of the Dutch East India Company , influencing not only geopolitics but also the economic structures of the conquered regions , fostering genocides in the Americas and the trade of shame ( slavery ) in Africa . The two world wars saw the emergence of oligarchs whose interests guided political and military decisions . The financing of war efforts by giant industrialists such as Krupp , General Motors and Ford contributed to the militarization of states and the intensification of conflicts . Alliances between oligarchies and governments enabled unprecedented speed of mobilization . This raises questions about the elites ’ responsibility for the decisions that led to massive loss of life . Some would say : “ Money doesn ’ t like peace ”, with derogatory cynicism ..
The law of profit versus the interests of the less fortunate
The law of profit is the enemy of working-class democracy . In the 19th century , industrialization fostered the emergence of new economic oligarchies , characterized by the rise to power of industrial tycoons such as Andrew Carnegie and John D . Rockefeller in the United States . These emblematic figures of industry accumulated great wealth , often at the expense of workers ’ rights . For example , the Homestead strikes in 1892 against the Carnegie Steel Company highlighted the tensions between the industrial elite and workers fighting for decent working conditions . Unbridled capitalism is emerging as the modern form of an oligarchy in which economic elites will soon be re-enacting the injustices of the past .
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