William Graham Sumner, 'Democracy and Plutocracy' (Undated)

Sumner distinguishes between capital which is acquired and used “industrially” and capital which is used “politically.” By politically, Sumner means the purchase of political privileges by plutocrats (owners of capital) though such things as lobbying politicians; funding party organizations, primaries, and conventions to get one’s own way; and bribing legislatures to grant artificial monopolies and other privileges. He concludes that the system of plutocracy is “the most sordid and debasing form of political energy known to us.”