The oligarchic grip

IN the arena of both politics and business, the unfortunate reality is that power and influence are often concentrated within a select few families and groups. This pattern of oligarchic dominance severely limits opportunities for meaningful participation by the majority of citizens and their children.

This is a global phenomenon which is equally visible in Malaysia.

Oligarchy, defined as a system in which power is held by a small, advantaged group, has become an inescapable feature of both politics and business globally.

These oligarchic systems often emerge due to a combination of historical legacies, economic disparities, weak rule of law, and the influence of money in politics. Once the oligarchic advantages are established and entren-ched, the select few continue to dominate for decades, even centuries.

In politics, entrenched political families and dynasties frequently hold sway over governments, making it difficult for newcomers to break into the political scene. Similarly, in business, certain families or conglomerates control significant portions of the economy, limiting competition and innovation.

The concentration of political power in the hands of a few families or groups can undermine the principles of democracy. When political elites maintain their grip on power over generations, it often leads to policies that favour their interests and protect their wealth rather than serving the broader population.

Furthermore, it can discourage political engagement among citizens who perceive the system as rigged in favour of the elite. This erosion of faith in the democratic process can have far-reaching consequences, including voter apathy, disenchantment and disillusionment.

In the business world, oligarchic control can stifle economic growth and innovation. When a small number of entities dominate entire industries, it reduces competition, limits consumer choice, and can lead to higher prices.

Oligarchic systems often perpetuate inherited privilege, where children of the elite are groomed to inherit positions of power and influence as shown in the hit TV series 'Succession'. — HBO

Moreover, oligarchic business practices often prioritise short-term profits over long-term sustainability, which can have detrimental effects on the economy and the environment. If the control is over businesses that entail essential products, then corporate manipulation of citizens’ lives becomes possible.

Concentration of economic power perpetuates income inequality, as the wealthy elite continue to amass wealth while the majority of citizens struggle to make ends meet. A vicious cycle ensues where economic mobility becomes increasingly elusive for those outside oligarchic circles.

It should be noted that political and business oligarchies create intimidating barriers to entry to newcomers.

In politics, individuals from marginalised backgrounds or without connections to powerful families often find it incredibly challenging to rise through the ranks and secure leadership positions. Power and wealth propagate further power and wealth, making democracy an illusion of merely voting on election day.

Similarly, in business, the dominance of entrenched oligarchies makes it nearly impossible for aspiring entrepreneurs to compete on a level playing field.

Access to funding, market share, and resources are often controlled by established elites, preventing new businesses from flourishing. Big businesses often influence politicians in power to pass laws that benefit their growth and protect their interest. Business and politics become a case of “you scratch my back, I scratch yours” at the expense of nation-building.

Oligarchic systems often perpetuate inherited privilege, where children of the elite are groomed to inherit positions of power and influence. This practice not only limits social mobility among the population but also reinforces a sense of entitlement among the privileged few. Landlord-peasant relationships are reenacted in the 21st century challenging the dignity of the majority of citizens and their children.

In politics, this can lead to political dynasties where family members of incumbent politicians are handed seats and positions of power with little regard for merit or qualifications. An incestuous political hierarchy becomes the norm.

Breaking the stranglehold of political and business oligarchies is a complex task, but there are several strategies that can be pursued to promote greater participation by the majority of citizens and their children.

Firstly, implementing strict campaign finance regulations can help reduce the influence of money in politics, making it more accessible for newcomers to enter the political arena. Though we have the necessary election laws in Malaysia relating to campaign finance, enforcement appears to be the challenge.

Secondly, we require serious political reforms to level the playing field for accessing politics, proper scrutiny and oversight of political and policy decisions, and mechanisms to manage conflicts of interest in the corridors of power.

Thirdly, it is critical to establish robust transparency and accountability mechanisms in both politics and business. This will expose corrupt practices and ensure that decisions are made in the best interests of the public or shareholders.

Fourthly, encouraging economic diversification and supporting small and medium-sized enterprises can foster competition and reduce the dominance of a few oligarchic conglomerates.

Fifth, meritocracy in both politics and business helps to ensure that positions of power and influence are achieved based on qualifications and competence rather than inherited privilege.

Lastly, civil society organisations and grassroots movements can create a counterbalance to oligarchic power, giving a voice to the marginalised and advocating for systemic change.

For greater equity: Breaking the stranglehold of political and business oligarchies is a complex task, but there are several strategies that can be pursued to promote greater participation by the majority of citizens and their children. — 123rf.com

Breaking free from the clutches of political and business oligarchies is a challenge that societies must confront.

Through a blend of political reforms, economic diversification, increased transparency, and the empowerment of civil society, it is possible to create more inclusive and participatory systems that prioritise the interests of the majority rather than the elite few.

In doing so, we can strive for a future where political and economic power is distributed more equitably, and opportunities are accessible to all, regardless of their background or lineage.

Gradually, we can design a greater Malaysia for all.

Senior lawyer Datuk Seri Dr Jahaberdeen Mohamed Yunoos is the founder of Rapera, a movement which encourages thinking and compassion among Malaysians. The views expressed here are entirely his own.