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Oligarchy is a form of governance where power is concentrated in the hands of a small group of individuals or families. This elite group typically exercises control over political, economic, or social institutions, often prioritizing their own interests over the broader population. Key principles include limited participation in decision-making by the general populace, and the maintenance of power through wealth, status, or strategic alliances. Oligarchies can manifest in various contexts, including political parties, corporate boards, or social elites.
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