Classical Elite Theory
The aristocratic version of this theory is the Classic Elite Theory which is based on two ideas:
- power lies in position of authority in key economic and political institutions
- the psychological difference that sets Elites apart is that they have personal resources, for instance intelligence and skills, and a vested interest in the government; while the rest are incompetent and do not have the capabilities of governing themselves, the elite are resourceful and will strive to make the government work. For in reality, the elite have the most to lose in a failed government.
Read more about this topic: Elite Theory
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