ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An oligarchy is a form of government where power or authority is in the hands of a small class of privileged people or people who have similar or shared interests. An oligarchy is different from a democracy in the sense that very few people have the choice to vote or change anything.

Detailed explanation-2: -oligarchy, government by the few, especially despotic power exercised by a small and privileged group for corrupt or selfish purposes. Oligarchies in which members of the ruling group are wealthy or exercise their power through their wealth are known as plutocracies.

Detailed explanation-3: -An Oligarchy Government is a government ruled by a few individuals. In other words, it is a form of government in which a small group of people holds all the power. Example: Ancient Rome, South Africa when it was ruled only the whites.

Detailed explanation-4: -What does oligarch mean? An oligarch is one of the select few people who rule or influence leaders in an oligarchy-a government in which power is held by a select few individuals or a small class of powerful people.

Detailed explanation-5: -A monarchy has a king, queen, emperor, empress, or some other nobleman as the head of state. An oligarchy is a government where a small number of people hold all the political power. The United Kingdom and Norway are examples of modern-day monarchies. The People’s Republic of China is an example of an oligarchy.