In fact about 450,000 non-residents constitute the city's day-time population, far outnumbering the City's 7,000 residents.
The principal justification for this arrangement is that most of the services provided by the City of London Corporation are used by the businesses in the City. More than two-thirds of voters are not residents, but rather representatives of businesses and other bodies that occupy premises in the City, with votes distributed according to their numbers of employees. The City (also called the Square Mile of ancient London, corresponding to the modern financial district, an area of about 2.5 km 2) has a unique electoral system for its local administration, separate from the rest of London. One modern, formal example of a plutocracy, according to some critics, is the City of London.
A former chairman of the Federal Reserve, Paul Volcker, also believed the US to be developing into a plutocracy. According to Noam Chomsky and Jimmy Carter, the modern United States resembles a plutocracy though with democratic forms. Historic examples of plutocracies include the Roman Empire, some city-states in Ancient Greece, the civilization of Carthage, the Italian merchant city states of Venice, Florence, Genoa, the Dutch Republic and the pre-World War II Empire of Japan (the zaibatsu). Throughout history, political thinkers and philosophers have condemned plutocrats for ignoring their social responsibilities, using their power to serve their own purposes and thereby increasing poverty and nurturing class conflict and corrupting societies with greed and hedonism. The term plutocracy is generally used as a pejorative to describe or warn against an undesirable condition.
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