Definition of the word oligarchy

The word "oligarchy" originated from the Greek language, more specifically from two Greek words: "oligos," which means "few," and "archein," which means "to rule." The term "oligarchy" was coined by ancient Greek philosopher Aristotle in his famous political treatise "Politics." Aristotle defined an oligarchy as a form of government in which power is exercised by a small group of people, typically the wealthiest or most powerful individuals in society. He contrasted this with other forms of government, such as democracy, which he defined as rule by the majority, and monarchy, which is rule by a single individual. Over time, the term "oligarchy" has taken on broader connotations beyond its literal meaning. It has come to be associated with corruption, secrecy, and the misuse of power by a small elite, often referred to as an "oligarchic class." In contemporary political discourse, the term "oligarchy" is frequently used to describe the perceived concentration of political and economic influence in the hands of relatively few wealthy and powerful individuals or organizations.