By Sharon Wood, Founder and CEO of Linktank Connect
America’s transformation into an oligarchy is already being acutely felt. It started with tech billionaires taking pride of place at Trump’s 2025 inauguration. Then it ratcheted up with Elon Musk gaining unprecedented control of government finances and the ability to hire and fire government employees through the Department of Government Efficiency (DOGE), which sits outside the government.
These developments signal a concerning shift in global power dynamics that mirrors Russia’s shift to an oligarchic regime in the 1990s. However, the emerging US oligarchy has distinctly American characteristics that could have far-reaching consequences for international stability and democracy.
Where the US and Russian-style Oligarchies Meet
Trump’s leadership approach mirrors Putin’s governing philosophy in three key areas:
- The Erosion of Democracy:
- Removing democratic constraints
- Emphasising personal loyalty over competence
- Manipulating the truth for power and profit
- Territorial Ambitions:
- Looking to take over neighbouring territories, in the US’s case, Gaza, Greenland, the Panama Canal, and Canada.
- Using economic coercion rather than immediate military force
- Aiming for a Russian-style “near abroad” regional dominance
- Power Structure:
- Pursuing transactional relationships with oligarchs
- Building family-centred loyalty systems
- Adopting a nationalist ideology opposing the liberal international order
Where they differ
Unlike its Russian counterpart, the emerging American oligarchic system features:
- Advanced technological control mechanisms
- Sophisticated media manipulation capabilities
- The integration of Christian Nationalist ideology with corporate power
These characteristics stem from the emergence of two distinct oligarchic power centres in the US.
- A Tech-Industrial Complex
Elon Musk, Mark Zuckerberg, and Jeff Bezos command unprecedented control over media, technology, and, increasingly, government policy. Musk’s appointment to head the Department of Government Efficiency (DOGE) further exemplifies how oligarchs are being positioned to influence governance radically. Meanwhile, Zuckerberg’s announcement that Meta will no longer moderate content confirms that social media platform policies and fact-checking are being dismantled to serve political interests
- A Religious-Industrial Alliance:
Below the radar, oligarchies and Christian Nationalism, along with their ultra-conservative values, are entrenching themselves at a state level. Oil and fracking billionaires Tim Dunn and Farris Wilks have spent years bankrolling far-right candidates in Texas. In so doing, they now command undue political influence over the Republican Party in America’s second-largest state and have used this to reshape the state and Federal governments’ politics and policies to follow Christian Nationalist ideology. Trump’s support of the fossil fuel industry will only further entrench their political dominance and power.
Consolidating Power, Dismantling Democracy
While exhibiting some aspects of the Russian model, the American oligarchy combines religious conservatism, technological dominance, and economic power in unprecedented ways. This consolidation of power – and Trump’s buddying up with Russian President Vladimir Putin in Saudi Arabia – signals a fundamental shift in America’s political system and global power dynamics, threatening not only American democracy but also global stability and democratic governance worldwide.