What is the purpose of an oligarchy?
An oligarchy is a power structure that allows a few businesses, families, or individuals to rule. Those few ruling members have enough power to create policies that benefit them to the exclusion of the rest of society.
Who rules in a oligarchy?
Broadly speaking, an oligarchy is a form of government characterized by the rule of a few persons or families. More specifically, the term was used by Greek philosopher Aristotle in contrast to aristocracy, which was another term to describe rule by a privileged few.
How are decisions made in an oligarchy?
The term oligarchy refers to a form of government in which political power is in the hands of a small minority. Democracy, some argue, is also characterized by a “rule of the few” because most political decisions are made by a small section of society. …
What country is an oligarchy?
One of the most well-known oligarchies is Russia. An oligarchy has ruled Russia since the 1400s. Those who are wealthy in Russia have to maintain contacts within the government or lose their power.
Why are people given the most power in an oligarchy?
It consolidates power with those who have expertise. In an oligarchy, those who have the skills and experience are given the most power because they are the best at what they do. People are often groomed, usually within family structures, to take over a specific position within an organization or government.
How is an oligarchy different from a ruling class?
An oligarchy may attempt to consolidate power and limit access to itself, but a true oligarchy also realizes that the people with the best skills should be in charge. That means anyone has the potential to join the ruling class, especially from a business perspective.
What does an oligarchy look like in business?
As a government structure, an oligarchy looks like a group of nobles with a royal family. In a business environment, it may look like a family maintaining full control of the Board of Directors. The benefit of having an oligarchy in place is that it consolidates power to one dominant group.