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Oligarchy (from Ancient Greek ὀλιγαρχία (oligarkhía) 'rule by few'; from ὀλίγος (olígos) 'few' and ἄρχω (árkhō) 'to rule, command') [1] [2] [3] is a form of government in which power rests with a small number of people.
To define the system in practice, liberal democracies often draw upon a constitution, either formally written or uncodified, to delineate the powers of government and enshrine the social contract. After a period of sustained expansion throughout the 20th century, liberal democracy became the predominant political system in the world.
Economists Sergei Guriev and Andrei Rachinsky contrast older oligarchs with nomenklatura ties and younger-generation entrepreneurs such as Kakha Bendukidze who built their wealth from scratch because Gorbachev's reforms affected a period "when co-existence of regulated and quasi-market prices created huge opportunities for arbitrage."
Oligarch, a member of an oligarchy, a power structure where control resides in a small number of people; Oligarch (Kingdom of Hungary), late 13th–14th centuries; Business oligarch, wealthy and influential magnate Russian oligarch, business oligarchs in the era of Russian privatization in the 1990s
WASHINGTON ― President Joe Biden delivered a vigorous defense of his record and warned of an American "oligarchy" in a primetime address from the Oval Office as he bid farewell to four years in ...
President Biden used his farewell address from the Oval Office on Wednesday to warn Americans of an oligarchy taking shape in the U.S. while issuing warnings of other threats to the nation as he ...
Oligarchy – government in which power rests with a small number of people; Ochlocracy – oppressive majoritarian form of government (mob rule) Political ponerology – government theory to explain aggressive war, ethnic cleansing, genocide, and despotism; Peter principle – Management concept by Laurence J. Peter
Those who are disgruntled with the rise of the tech oligarchy have started to search for alternatives to their favorite social-media platforms. But is a replacement necessary at all?