It can be but doesn't have to be.
A plutocracy is a government ran by the rich.
A plutocracy is an oligarchy.
In my political science degree we learned that socialism leads to an oligarchy while capitalism leads to a plutocracy.
Get your money back. That is utterly wrong.
Economic systems are NOT any form of government and do NOT cause any form of government.
In every nation there exists capitalism and socialism (usually in the forms of fascism and communism, sometimes slavery).
Socialism is based on theft of wealth. Capitalism is the only economic system that CREATES wealth. Socialism cannot even exist without capitalism to steal from.
Capitalism is the voluntary creation of products and services for voluntary sale at an agreed upon price (free market). This system requires NO government to run, but government can be used to protect it by curtailing thieves and looters. It is capitalism that built the cities we see today out of the wilderness, before there was ANY government at all. The nice thing about capitalism is that ANYONE can play. Rich or poor, all may become richer. All it really takes is innovation and drive. Charity can also exist here (the VOLUNTARY sharing of wealth).
Socialism takes three major forms:
Communism, where the government owns markets (including various redistribution schemes). In other words, government steals wealth to redistribute it to someone else, and takes a nifty cut off the top doing it.
Fascism, where the government manipulates markets (still private ownership, but the government tells you how to run your business). In other words, it is oppressive regulations that tend to dictate what you can sell, how much you can sell it for, what source of raw material you can use, who you must hire, who you must fire, etc. It is the world of price controls and oppressive business regulations.
Slavery, where people own other people. In this case, it is government sanctioned theft of labor. Despite being illegal today in the United States, it still exists...mostly in the form of sex slavery.
ALL forms of socialism are based on theft of wealth. Since people don't like their wealth being stolen, this tends to governments becoming oligarchies or dictatorships to force the theft anyway. They are INVOLUNTARY sharing of wealth. They are all tyranny.
The primary forms of government are:
Anarchy, or no government. Capitalism can operate here, but socialism can't. There IS the problem with thieves and looters though.
Democracy, or government by popular vote. Capitalism can operate here as well, but socialism can also operate here. There is no constitution, there are no representatives. It is literally mob rule.
Republic, or government by law (a constitution). This is the best type of government to protect capitalism. The Constitution provides a sense of regularity, provides for methods of curtailing the theft and looting, and provides limits on what government can legally do. This type of government is probably the least understood type there is.
Dictatorship, or government by a king..a sole dictator. There is no constitution. The king represents all authority, and typically disburses that authority through his court and royal agents.
Oligarchy, or a dictatorship by committee. This is the same as any dictatorship, but uses a committee instead of a sole dictator.
ANY form of government where some 'elite' group is in charge is an oligarchy or dictatorship.
A democracy is an unstable form of government. It usually dissolves into a dictatorship or oligarchy before long. Athens dissolved into dictatorship. CHAZ in Seattle dissolved into an oligarchy.
A federated government is one that is layered.
The United States was formed as a federated republic. It has a national government, governed by a constitution, State governments governed by constitutions, county governments governed by constitutions (also sometimes called a county charter), and city governments governed by a constitution (also known as a city charter). NONE of these constitutions are owned by the governments that they create. The purpose of ANY constitution is to define and declare a government and to describe what authority it has, the representatives (officers) it has, and the election process for each. In every case, that constitution can ONLY be changed by it's owners. The government it creates is NEVER the owner.
The Constitution of the United States was created by the States. They are the owners. Only the States can create it, change it, or abolish it (and thus dissolve the federal government).
The various constitutions of the States was created by the people of that State. They are the owners. Only they can create it, change it, or abolish it (and thus dissolve their State government and thus leave the Union).
The current 'federal' government is no longer a republic. It is an oligarchy. Whether it can be restored as a republic is up to the States. There currently is no United States. I call it the States of America (SOA) now.
Some States have abandoned a republic form of government entirely. They are no longer States. What used to be California is currently a dictatorship. What used to be New York is currently an oligarchy (moving to a dictatorship). Both of these have utterly abandoned their constitutions.
The nation of Canada is currently a dictatorship.
The nation of China is currently an oligarchy.
The nation of Russia is currently an oligarchy.
The nation of the UK is currently an oligarchy.
The EU is currently an oligarchy.
Germany during WW2 was a dictatorship.
A plutocracy is government by the rich (they become the 'elite' group). It is an oligarchy. This 'elite' group determines who is allowed to become the 'elite' (in other words, rich enough).
A technocracy is government by the technologists (they become the 'elite' group). It is an oligarchy. This 'elite' group determines who is allowed to become the 'elite' (in other words, technologically 'competent' enough).
The average schmoe today never learned science. They know little about most technology. That can't fix their own cars, or even safely do maintenance on their own houses. Even the banking system carries with it a mystery that is beyond them. How are they EVER going to determine who is 'technologically qualified'?
The better way is capitalism, protected by a republic as a form of government. People themselves determine what is 'technologically qualified' in the products they voluntarily buy. Word gets around. A lousy product soon ceases to produce a profit for a company, and that company goes under (perhaps bought at firesale prices by someone competent, and uses those assets to produce a much better product!). Twitter (now X) is a good recent example of that here. The Microsoft/Apple/Linux competition is another. In other words, let people decide for themselves what product to buy (including energy and cars) in a free marketplace. Government has NO valid business interfering with this.