Oligarchy

Oligarchy is a form of government which the political power is centralized within a small group or faction of a few persons, called oligarchs. The ruling faction is usually a wealthy and privileged group. When the oligarchs are nobles, it is called an aristocracy; when they are men of wealthy, it is called a plutocracy.

Examples of oligarchy

Historically, many city-states of ancient Greece were oligarchies. The most prominent one was Sparta, which was rule by the military elite. Other examples include the Etruscans who ruled Italy in pre-Roman era, the Roman Republic, and the Italian cities during the Middle Ages.

Modern usage

The United States has been sometimes accused of being oligarchical that the political power is essentially manipulated by the wealthy and big businesses. The PRC regime in China is sometimes referred as an oligarchy that a small cadre of Communist party leaders dictatorially rule the country. The [Soviet Union]'s ruling class, the "nomenklatura", was in nature oligarchical. The multinational corporations have been also accused as constituting a global oligarchy.

Iron law of oligarchy

The German sociologist Robert Michels formulated the famous "Iron law of oligarchy", that all political and organizational institutions, no matter what structure they are established as, will eventually devolve into oligarchies.