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English definition of “oligarchy”

oligarchy

noun
 
 
/ˈɒlɪɡɑːki/ (plural oligarchies) GOVERNMENT, ECONOMICS
[U] the fact of a country being ruled or controlled by a small group of powerful people: The real difference between oligarchy and democracy is wealth.
[C] a country or industry that is controlled by a small group of powerful people, or these people considered as a group: The electricity industry has moved from being a state monopoly to being a de facto oligarchy.
(Definition of oligarchy from the Cambridge Business English Dictionary © Cambridge University Press)
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