what is an oligarchy

An oligarchy is a form of government where power resides in the hands of a small, privileged group of individuals. These individuals may belong to an elite social class, hold significant wealth, or have inherited power through family ties. The ruling elite in an oligarchy typically make decisions that benefit their own interests rather than those of the general population.

Oligarchies can take different forms, such as aristocracies (where power is held by a noble class), plutocracies (where power is held by the wealthy), or military juntas (where power is held by a small group of military leaders). Oligarchies often lack transparency and accountability, as decision-making is concentrated in the hands of a few individuals who may not be accountable to the broader population.

Historically, many ancient Greek city-states were oligarchies, where a small group of aristocrats held power. In modern times, some countries have been criticized for having oligarchic tendencies, where a small group of wealthy individuals or families exert significant influence over political and economic decisions.

Overall, an oligarchy is characterized by the concentration of power in the hands of a few, leading to potential inequalities and lack of representation for the broader population.
what is an oligarchy

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