How is an Oligarchy defined?

An oligarchy is defined as a form of power structure in which a small group of individuals holds significant power and control over a country or organization. This configuration allows the ruling minority to dominate and influence decisions and policies, often prioritizing their interests over those of the majority population. The term derives from the Greek words "oligos," meaning few, and "arkho," meaning to rule or command.

In contrast to other forms of governance such as monarchy, where a single ruler has absolute power, or democracy, which involves rule by the majority through elected representatives, an oligarchy consolidates authority in the hands of a select few. This structure can manifest in various contexts, including political, economic, or social spheres, and is typically characterized by a lack of broader public participation in decision-making processes.