Although the above definition might suggest that an Oligarchy refers to control by a small group of wealthy people, it is not always the case. Oligarchy is derived from the Greek word ‘Oligarkhia’, which is translated to mean “ rule or command by a few.” History indicates that rule by a few has led to tyranny and corruption, and more importantly, oppression. The sovereign power of the state is vested in this small group of people comprising of landowners, wealthy people, royalty, noblemen, high-ranking military officers, renowned academics, or philosophers. A nation that has this form of government or political system is also called an Oligarchy. Thus, this small group of people has control of the government and, of course, the entire state.
It is defined as a form of government controlled or ruled by a small and elite group of people. What is Oligarchy?Īs mentioned above, an Oligarchy is a type of political system or government. They have their origins in the Greek language, deriving from the words ‘Oligarkhia’ and ‘Ploutokratia.’ Let’s examine this in detail. From a business perspective, they may be used in reference to the organizational structure of a company. In simple terms, Oligarchy and Plutocracy represent two forms of political systems or government. However, our lack of knowledge about the terms might be justified given that they are not frequently used or heard in ordinary parlance. Do you know what oligarchy and plutocracy mean? If someone asked us to define oligarchy and plutocracy, indeed, most of us would draw a blank. Before detailing this difference between oligarchy and plutocracy, give a truthful answer. The exact status of the group that controls the government marks the whole difference between oligarchy and plutocracy.
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