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The next part of the quote is "absolute power corrupts absolutely," this means that a person with absolute power will absolutely corrupt him/herself or the things they have power over.
In past history there have been a number of cases where this quote comes in place. The most recent event that I can think of is former president Richard Nixon. He was in charge of the United States; in other words he had power over the country. He was elected once and when his term ran out he ran again. It wasn't sure thing he would win the next election so he tried to "fix" the votes. He was so "corrupted" by power that it consumed him and he would do anything to get back in office...
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