oligarchy

noun

1. (countable, uncountable)A government run by and for only a few, often the aristocracy, the wealthy, or their friends and associates.

   “Despite the involvement of all classes of society, America's political duopoly and the importance of money to mass-market campaigning has established an oligarchy that is seldom responsive to the citizenry as a whole, when opposed to the wealthy or major interest groups.”

   “It's an oligarchy because these families own and run almost everything that makes money in El Salvador. Coffee gave birth to the oligarchy in the late 19th century, and economic growth has revolved around them ever since.”

   “The Itasca Project is just one example of existing oligarchy, and a surprisingly open one at that.”

   “Together, we will usher in a generation of change. And if we embrace this brave new course, rather than fleeing from it, we can respond to oligarchy and authoritarianism with the strength it fears, not the appeasement it craves.”

2. (countable, uncountable)A state ruled by such a government.

   “The 1832 Reform Act aimed to transform the British oligarchy and allow Parliament to represent the interests of a broader range of the population.”

3. (countable, uncountable)Those who make up an oligarchic government.

   “The modern British oligarchy—particularly during periods of Tory rule—has been called a chumocracy.”