Final answer:
C. Wright Mills' concept of the power elite refers to influential and wealthy individuals controlling political power and societal decision-making. These elites foster social policies favoring their interests and maintain a subculture that perpetuates their status.
Step-by-step explanation:
Sociologist C. Wright Mills coined the term power elite to describe a small group of wealthy and influential individuals who hold significant power within a society, particularly in the realms of government, the military, and corporations. According to Mills, these elites fundamentally control the political scene and the formulation of social policies that favor their interests and wealth retention.
This idea aligns with the conflict theory, suggesting that societal order and hierarchy are maintained through the dominance of the power elite, often leading to societal decisions that serve the interests of these few at the expense of the general populace. Mill's concept of the power elite also implies that such individuals typically graduate from prestigious universities, are members of exclusive clubs, and follow similar social patterns, reinforcing their status and influence.