Definition of "millocracy"

One of the favorite axioms of the millocracy is, "that capital owes no allegiance to soil," and, consequently, if not petted, will take wings and depart. The man was shrewd who asked what posterity had done for him; and the masses with equal shrewdness may ask the millocracy, "what has this capital done for us?"

1847, William Dodd, The Laboring Classes of England