What is an oligarchy?

An oligarchy is accurately defined as a type of government in which power is held by a small group of individuals. This group can be distinguished based on various characteristics, such as wealth, family ties, corporate interests, or military control. In an oligarchy, these few influential individuals or families make decisions that can significantly affect the larger population, often prioritizing their own interests over the public good.

The core aspect of an oligarchy is the concentration of power in the hands of a select few, which sets it apart from other governmental structures like democracies, where broader participation and representation are essential. In an oligarchic system, regardless of the specific criteria for membership in the ruling group, the exclusion of the majority from power is a defining characteristic.