Business oligarch

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Business oligarchs are generally business magnates who control sufficient resources to influence national politics. [1] [2]

Business magnate entrepreneur who has achieved wealth and prominence from a particular industry (or industries)

A business magnate or industrialist is an entrepreneur of great influence, importance, or standing in a particular enterprise or field of business. The term characteristically refers to a wealthy entrepreneur or investor who controls, through personal business ownership or dominant shareholding position, a firm or industry whose goods or services are widely consumed. Such individuals may also be called czars, moguls, proprietors, tycoons, taipans, barons, or oligarchs.

A business leader can be considered an oligarch if they satisfy the following conditions:

  1. they are among the largest private owners in the country
  2. they possess sufficient political power to promote their own interests
  3. they control multiple businesses, which intensively coordinate their activities. [2]

A typical example of a post-Soviet oligarch entity is the Privat Group - a large Ukraine-based transnational business conglomerate comprising dozens of industrial companies in several markets, controlled by only three stakeholders, and not through the stock exchange. For the history of business oligarchs in post-Soviet Union states see:

The Privat Group, or PrivatBank Group is a global business group, based in Ukraine. Privat Group controls thousands of companies of virtually every industry in Ukraine, the European Union, Georgia, Ghana, Russia, the United States and other countries. Steel, oil & gas, chemical and energy are sectors of the group's prime influence and expertise. None of the group's capital is publicly traded on any stock exchange.

Stock exchange organization that provides services for stock brokers and traders to trade securities

A stock exchange, securities exchange or bourse, is a facility where stock brokers and traders can buy and sell securities, such as shares of stock and bonds and other financial instruments. Stock exchanges may also provide for facilities the issue and redemption of such securities and instruments and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as "continuous auction" markets with buyers and sellers consummating transactions via open outcry at a central location such as the floor of the exchange or by using an electronic trading platform.

More generally, an oligarch is a "member of an oligarchy; a person who is part of a small group holding power in a state". [3] Aristotle gave the concept of oligarchy some negative connotations, but the term does not necessarily imply wealth. [4]

Oligarchy is a form of power structure in which power rests with a small number of people. These people may be distinguished by nobility, wealth, family ties, education or corporate, religious, political, or military control. Such states are often controlled by families who typically pass their influence from one generation to the next, but inheritance is not a necessary condition for the application of this term.

Aristotle philosopher in ancient Greece

Aristotle was a Greek philosopher during the Classical period in Ancient Greece, the founder of the Lyceum and the Peripatetic school of philosophy and Aristotelian tradition. Along with his teacher Plato, he has been called the "Father of Western Philosophy". His writings cover many subjects – including physics, biology, zoology, metaphysics, logic, ethics, aesthetics, poetry, theatre, music, rhetoric, psychology, linguistics, economics, politics and government. Aristotle provided a complex synthesis of the various philosophies existing prior to him, and it was above all from his teachings that the West inherited its intellectual lexicon, as well as problems and methods of inquiry. As a result, his philosophy has exerted a unique influence on almost every form of knowledge in the West and it continues to be a subject of contemporary philosophical discussion.

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References

  1. Guriev, Sergei; Rachinsky, Andrei (2005). "The role of oligarchs in Russian capitalism". Journal of Economic Perspectives. 19 (1): 131–150. doi:10.1257/0895330053147994.
  2. 1 2 Chernenko, Demid (2018). "Capital structure and oligarch ownership" (PDF). Economic Change and Restructuring: 1–29. doi:10.1007/S10644-018-9226-9.
  3. "oligarch". Oxford English Dictionary (3rd ed.). Oxford University Press. September 2005. (Subscription or UK public library membership required.)
  4. "Oligarchy". Encyclopædia Britannica. June 20, 2013. Oligarchy, government by the few, especially despotic power exercised by a small and privileged group for corrupt or selfish purposes. [...] Aristotle used the term oligarchia to designate the rule of the few when it was exercised not by the best but by bad men unjustly. In this sense, oligarchy is a debased form of aristocracy, which denotes government by the few in which power is vested in the best individuals. Most classic oligarchies have resulted when governing elites were recruited exclusively from a ruling caste [...].