Oligarchy is a very old system of governance and one we have never really escaped. More than 2,000 years ago, Aristotle stated that oligarchy (oligarchia) becomes the governance system “when men of property have government in their hands.” Today, we define “oligarchy” as “government by the few, especially despotic power exercised by a small and privileged group for corrupt or selfish purposes.” When oligarchs exercise political power by virtue of their wealth, we call it “plutocracy.”
A branch of political science called “Elite Theory’” has tried to justify the plutocracy of contemporary oligarchs. Generally, however, both plutocracy and oligarchy are considered pejorative terms.
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