oligarchy

oligarchy [Gr.,=rule by the few], rule by a few members of a community or group. When referring to governments, the classical definition of oligarchy, as given for example by Aristotle, is of government by a few, usually the rich, for their own advantage. It is compared with both aristocracy , which is defined as government by a few chosen for their virtue and ruling for the general good, and various forms of democracy , or rule by the people. In practice, however, almost all governments, whatever their form, are run by a small minority of members. From this perspective, the major distinction between oligarchy and democracy is that in the latter, the elites compete with each other, gaining power by winning public support. The extent and type of barriers impeding those who attempt to join this ruling group is also significant.

oligarchy System of government in which power is concentrated in the hands of a few, who rule without the requirement of popular support and without external check on their authority. Oligarchs rule in their own interests.