The oligarchs emerged as a powerful elite from "summary" of A People's Tragedy by Orlando Figes
The oligarchs were a small group of business and financial magnates who became immensely wealthy during the industrial boom of the 1890s. They were the new elite of Russia, a class of capitalists who wielded enormous economic and political power. These oligarchs controlled the key sectors of the economy, such as oil, steel, and banking, and used their influence to shape government policy and protect their interests. They were able to accumulate vast fortunes through a combination of ruthless business practices, political connections, and exploitation of the working class. The emergence of the oligarchs as a powerful elite had profound consequences for Russian society. They lived in opulent luxury, with extravagant lifestyles that were a stark contrast to the poverty and deprivation experienced by the majority of the population. Their wealth and power allowed them to exert a stranglehold over the economy, stifling competition and innovation. The oligarchs were able to manipulate markets, control prices, and exploit workers with impunity, leading to widespread discontent and social unrest. At the same time, the oligarchs were deeply enmeshed in the political system, using their influence to advance their own interests and protect their privileged position. They had close ties to the government and were able to secure lucrative contracts, tax breaks, and subsidies that further enriched them at the expense of the general populace. The oligarchs were able to use their wealth to buy off politicians and officials, ensuring that the system remained rigged in their favor.- The oligarchs were not immune to the forces of history. The outbreak of World War I and the subsequent Russian Revolution of 1917 would ultimately lead to their downfall. The Bolsheviks, led by Vladimir Lenin, would seize power and overthrow the old order, expropriating the assets of the oligarchs and nationalizing the economy. The era of the oligarchs as a powerful elite had come to an end, replaced by a new regime that sought to create a more equitable and just society.
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