An oligarchy is a form of government or political system in which power is concentrated in the hands of a small, elite group of individuals or families. This ruling class may be composed of wealthy individuals, military leaders, corporate executives, or members of certain political factions. In an oligarchy, this small group's interests and decisions guide the governance of the state, often at the expense of broader democratic participation or representation by the general populace.
Oligarchies can emerge in various contexts, such as in post-revolutionary governments, authoritarian regimes, or even within ostensibly democratic systems where a few influential figures dominate political decisions. The term can also refer to the concentration of power within a particular sector, such as business or media, that may then influence or control government policies and practices.