Oligarchy
lit. “rule by the few”
A system in which power is concentrated in the hands of a small group — typically defined by wealth, family, military rank, or party loyalty.
Origin
Aristotle classified oligarchy as one of the corrupt forms of government — rule by the rich pretending to act in the public interest. The Russian 'oligarchs' (a small set of men who acquired vast wealth in the 1990s privatizations) re-popularized the word in English. Political scientists Martin Gilens and Benjamin Page argued in a 2014 paper that the modern US is functionally an oligarchy, since policy outcomes correlate strongly with elite preferences and barely at all with average-citizen preferences.
Modern usage
Everyday political vocabulary now, especially around Russia, billionaire influence, and campaign finance. 'Oligarch' as a word for any rich political operator is fully naturalized. 'Plutocracy' (rule by wealth specifically) is the close synonym. Often paired with 'kleptocracy' (rule by theft) for regimes that loot the treasury.
Tags