I learned a new word today thanks to Joe Biden's speech:
Kleptocracy (from
Greek κλέπτης
kléptēs, "thief", κλέπτω
kléptō, "I steal", and -κρατία -
kratía from κράτος
krátos, "power, rule") is a
government whose
corrupt leaders (kleptocrats) use
political power to appropriate the wealth of the people and land they govern, typically by
embezzling or
misappropriating government funds at the expense of the wider population.
[1][2] Thievocracy means literally the rule by thievery and is a term used synonymously to kleptocracy.
[3][4] One feature of political-based socioeconomic thievery is that there is often no public announcement explaining or apologizing for misappropriations, nor any legal charges or punishment levied against the offenders.
[5]
Kleptocracy is different from
plutocracy (rule by the richest) and
oligarchy (rule by a small elite). In a kleptocracy, corrupt politicians enrich themselves secretly outside the
rule of law, through
kickbacks,
bribes, and special favors, or they simply direct state funds to themselves
and their associates. Also, kleptocrats often export much of their profits to foreign nations in anticipation of losing power.
[6]