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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 noun from the Cambridge Business English Dictionary © Cambridge University Press)
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