A small group of people having control of a country, organization, or institution
Russia and and China both have Oligarchy government.
- allows most people to focus on their day-to-day lives, instead of the issues that concern the society as a whole.
-The decisions made by the group are conservative, since the goal is to preserve the status quo. Therefore, it's unlikely that any one strong leader can steer the society into ventures that are too risky.
- As the insider group gains power, it seeks to keep it. This is known as the Iron Law of Oligarchy.
- If an oligarchy takes too much power, it can restrict a free market. They can agree informally to fix prices, violating the laws of supply and demand.
Quotes on Oligarchy:
"We must not tolerate oppressive government or industrial oligarchy in the form of monopolies and cartels." Henry A. Wallace
"As an American citizen, one has to vote. If we don't vote, we're not doing our part. We'll become some sort of oligarchy." Jason Mraz