The basic idea is “if you’re born into the upper classes, nobility, and/or money, you should act decently and charitably towards people who weren’t born into those things.”
What you make of that is up for debate. In one sense, it’s a concept most people would agree with, the grandfather of modern discussions about privilege, and the idea that you should be aware of whatever relative advantages in life you got without trying. Practically speaking, it’s probably an expression associated with societies that believe in an upper class as a natural and positive development, with inequality being an accepted fact of life, and the person saying it being comfortable with their status.
“Noblesse oblige” is definitely a big upgrade over the old system of “I’m the lord of this manor and can do whatever I want to you dirty serfs.” If you’re saying it about yourself, it still carries an implication of “I’m fancy and can afford to help poor people,” which is kind of a humblebrag.
In the movie, it’s sung by a wealthy male banker who’s talking about how he’s in charge of his life and house and family, and who opposes his wife being able to vote. This helps give a sense of why it’s a bit of a tainted expression.
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