There can be no doubt.

Next comes democracy; of this the origin and nature have still to be considered by us; and then we will enquire into the ways of the democratic man, and bring him up for judgment.

That, he said, is our method.

Well, I said, and how does the change from oligarchy into democracy arise? Is it not on this wise? — The good at which such a State aims is to become as rich as possible, a desire which is insatiable?

What then?

The rulers, being aware that their power rests upon their wealth, refuse to curtail by law the extravagance of the spendthrift youth because they gain by their ruin; they take interest from them and buy up their estates and thus increase their own wealth and importance?