This is what happens when successive US governments fail to tackle inequality. While millions of people live in poverty, a handful grow unimaginably rich. Wealth begets wealth, and they acquire political power to match. It was inevitable that one of them – now the richest man on Earth – would launch what looks like a bid for world domination.

A vote for Donald Trump next week is a vote for Elon Musk. Just as Trump is using Musk, Musk could be using Trump as a springboard to perhaps even greater power than the US president can wield. Musk’s secret conversations with Vladimir Putin, reported by the Wall Street Journal last week, and his contacts with other extremist world leaders, suggest a pattern of power-seeking that could be even more alarming than the prospect of a second Trump presidency.

Trump, if he wins, will do to the nation what Musk did to Twitter: the US will be e-Muskulated. What this means is that those with the power to swarm, harass and crush people who do not share their noxious ideology will be unleashed.

Elon Musk claims to be a “free speech absolutist”. But his absolutism seems to extend only to his allies. Since he bought Twitter and renamed it X, the platform has complied with 83% of requests by governments for the censorship or surveillance of accounts. When the Turkish president, Recep Tayyip Erdoğan, demanded the censorship of his opponents before the last general election, the platform obliged. When Indian government officials asked it to remove a hostile BBC documentary, X did as they asked, and later deleted the accounts of many critics of the prime minister, Narendra Modi.

Last month, X blocked links to a dossier about Trump’s running mate, JD Vance, and suspended the account of the journalist who revealed it. Musk has sued organisations that criticise him. Because the most vicious and antisocial people – racists, antisemites, misogynists, homophobes, even outright Nazis – have been reinstated and often boosted, millions of other users have been driven from the platform, their own free speech diminished. Musk’s own posts are reportedly amplified a thousandfold by a boutique algorithm. Free speech absolutism? My left foot.

Now he has bent his immense wealth, power and blatant double standards to a frantic effort to get Trump elected. Some of his tactics – cash rewards and cash prizes – look to me like attempts to buy votes and interfere in an election. His lawyers were able to prevent him having to attend court this week for a hearing challenging these tactics: another privilege of wealth. He has used his X account to spread rampant misinformation on Trump’s behalf, giving him many millions of dollars’ worth of advertising. He has poured $118m into his pro-Trump super Pac (political action committee).

What would the world’s richest man gain from the e-Muskulation of US – and perhaps global – politics? He would gain what capital has sought since workers acquired the vote: the truncation of democracy. Democracy is the problem capital keeps trying to solve. Why? Because it ensures that workers have rights and fair wages; that the living world has some (though never enough) protections; that we cannot be ripped off, poisoned and robbed without restraint.

Capitalism has used two powerful tools to try to solve its problem: fascism and neoliberalism. But now, though drawing on both those ideologies, it reverts to an older and cruder mode: oligarchy. Why, the billionaires might wonder, should they rely on intermediaries to wield political power? After all, in every other sphere, the world bows to them, not to their concierges. This, I think, is where Musk and some of his fellow tech authoritarians have been heading.

A Trump victory would allow Musk to escape the regulators with which he is often in conflict. In fact, if he takes up Trump’s offer of running a government efficiency commission, Musk becomes his own regulator, able to erase the rules that make the difference between a good society and barbarism.

But Trump’s election might also permit even greater opportunities. Musk controls key strategic and military assets, such as SpaceX satellite launchers and the Starlink internet system. As Ukraine discovered to its cost last year, he can switch them off at whim. The kind of decision-making powerful states deploy has been privatised. The Kremlin is reported to have asked him to withhold Starlink access from Taiwan, as a favour to the Chinese government. Terrestrial broadband operators claim that Starlink could interfere with and degrade their own systems. Starlink has refuted this. It is not hard to see how his power could grow to the point at which governments feel obliged to do as he demands.

He might not look the part. Villains bent on world domination are meant to be suave, laconic, self-possessed. Musk dresses like an attention-hungry teenager and behaves accordingly. Yet he has been equipped with the means to multiply his power beyond any that a plutocrat has wielded in the democratic era.

For decades now, the centrist pact with capital has worked as follows: we might seek half-heartedly to improve the lives of people at the bottom, but we will do almost nothing to hold down those at the top. As a short-term tactic it worked: Rupert Murdoch and other members of the plutocrats’ trade union struck an uneasy truce with Tony Blair, Bill Clinton and their ilk. But the long-term result is that the ultra-rich became so wealthy that they could present a direct threat to sovereign nations, even to the most powerful nation of all. Some of us have spent decades warning that this was the likely outcome: appeasement makes your opponents more powerful. But our governments claimed they were simply being “pragmatic”: it didn’t matter how rich some people became, as long as the lot of the poor improved.

Decades of studies, some of which were summarised 15 years ago in The Spirit Level by Kate Pickett and Richard Wilkinson, show what nonsense this is. A highly unequal society, whatever its absolute levels of wealth and poverty, is devastating for social outcomes, for wellbeing, cohesion and democracy. But “pragmatism” prevailed, and turned out not to be pragmatic at all. The slippage from democracy to oligarchy should surprise no one.

So now we face a generalised e-Muskulation: of public life, of trust, of kindness, of mutual aid, of a world in which the poor could aspire to something better, and in which all of us could aspire to a healthy living planet. Governments that have not yet fully succumbed must do what should have been done long ago: make the poor richer, and the very rich poorer.

• George Monbiot is a Guardian columnist