You could also call it "capitalism"...
...as practiced in the 19th and early 20th century. Sweatshops, forced labor, company-owned and company-financed monopolies on housing and food, violence (including murder) and spying used to control the workers and prevent them from organizing effectively....
Any time one group has overwhelming power that it uses any way it wants, guided only by its own interests and convinced that its idea of morality is superior to ideas held by those with less, the possibility for despotism is greatly enhanced. Benevolent despots are despots nevertheless.
Regards--
Mary Anne