C. Wright Mills is credited with developing the Power Elite Theory in his book 'The Power Elite', published in 1956.

Mills argued that power is concentrated in the hands of a small group of individuals who control key positions in politics, economics, and the media.

Mills used the term 'power structure' to refer to the interconnectedness and mutual support among the power elite, which enables them to maintain their dominance.

One of the main criticisms of the Power Elite Theory is that it is too deterministic and ignores the role of individual agency and the potential for social change.

Mills argued that the power elite is not motivated by a desire for social justice and equality, but rather by a desire for personal gain and power.

Mills used the term 'power hegemony' to describe the process by which the power elite maintains its dominance over society through cultural and ideological means, rather than through coercion or force.

Mills argued that the media is a key tool for the power elite to maintain power hegemony by promoting a pro-business narrative and shaping public opinion in their favor.

Mills used the term 'power mobility' to describe the process by which individuals from lower social classes can potentially gain access to the power elite through education, talent, or other means.

Mills argued that the main challenge to the power elite is the rise of social movements and grassroots activism, which can mobilize people to demand change and challenge the status quo.

Mills argued that the concentration of power in the hands of the power elite leads to economic inequality, social injustice, political corruption, and cultural homogenization, rather than increased social mobility and opportunities for all.

Critics of the Power Elite Theory argue that it is too deterministic and ignores the role of individual agency and the potential for social change, suggesting that individuals can challenge and change the power structure through their actions.

Some sociologists argue that the power elite in contemporary society includes tech giants, multinational corporations, and wealthy individuals and families who have significant political and economic power, often referred to as the 'global power elite'.

The Power Elite Theory suggests that social change is possible through collective action and grassroots movements that challenge the power structure and demand change.

While some sociologists may advocate for economic equality and social justice, eliminating private property and establishing a socialist system is not a commonly proposed solution to the problems associated with the power elite.