No, plutocracy and oligarchy are not the same, although they are often used interchangeably in casual conversation. Both concepts refer to forms of governance where power is concentrated in the hands of a small group, but the basis of their power is different.
Plutocracy specifically refers to a system where wealth is the primary source of power. In a plutocracy, the rich have significant influence over political decisions and policies because they can use their financial resources to sway elections, lobby lawmakers, or fund campaigns. Essentially, the wealthier individuals have a disproportionate say in governance.
On the other hand, oligarchy is a broader term that denotes power residing with a small group of individuals, and this group can derive their influence from various sources, such as wealth, family ties, military control, or other forms of power. While an oligarchic regime may include wealthy individuals, it can also comprise political elites, tribal leaders, or other forms of authority.
In summary, while both plutocracy and oligarchy involve a small group wielding power, plutocracy is specifically centered around wealth, whereas oligarchy encompasses any small ruling group regardless of their power’s source.