Final answer:
In the U.S., the term oligarchy applies due to the significant influence of a wealthy elite on policy and politics, even though the country is formally a representative democracy. Prominent figures like Paul Krugman have labeled the U.S. as such due to this disproportionate influence, which aligns with Jeffrey Winters's concept of 'elected oligarchies.'
Step-by-step explanation:
The term oligarchy describes a form of government in which power is in the hands of a small, elite group. In the case of the United States, some have argued that it functions as an oligarchy rather than a true representative democracy. This perspective is supported by the influence that large corporations, Wall Street executives, and other wealthy interests have on American policies and elections.
Economist Paul Krugman, a Nobel laureate, and political analyst Jeffrey Winters have discussed the concept of the U.S. being an oligarchy. Krugman points to the significant clout that economic elites hold over policy decisions, and Winters refers to democracies as "elected oligarchies" where the ruling class is primarily made up of societal elites. This suggests that those with substantial wealth or influence are the ones shaping the legislation and the direction of the country, often at the expense of the wider populace.
While not overtly monarchic or hereditary, America's oligarchic elements arise when a few powerful individuals make decisions that affect the entire nation. This challenges the ideals of a democracy where every citizen is supposed to have an equal voice. Therefore, the oligarchic government concept in the U.S can be seen through the disproportionate sway of a privileged few over the political and economic landscape of the country.