Whatever Happened to the Power Elite?
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American democracy, it’s blindingly evident, is in crisis. Terms that once characterized faraway repressive regimes—oligarchy, elite, plutocracy—are now invoked to describe the current political moment. And Americans are aware of the threat the country’s power imbalance poses: A 2024 Pew poll found that 74 percent of them—including 65 percent of Donald Trump supporters—feel that major corporations have “too much power.” Seventy-three percent believe the American economic system unfairly favors
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