“Oligarchy” means government of and by a few at the top, who exercise power for their own benefit. It comes from the Greek word oligarkhes, meaning “few to rule or command.”
Even a system that calls itself a democracy can become an oligarchy if power becomes concentrated in the hands of a few very wealthy people – a corporate and financial elite.
Their power and wealth increase over time as they make laws that favor themselves, manipulate financial markets to their advantage, and create or exploit economic monopolies that put even more wealth into their pockets.
Modern-day Russia is an oligarchy, where a handful of billionaires who control most major industries dominate politics and the economy.
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