What does oligharchy mean?

Oligarchy is a form of governance in which power is concentrated in the hands of a small group of individuals or families. This elite group often holds significant influence over political, economic, and social decisions, typically prioritizing their interests over those of the broader population. Oligarchies can arise in various contexts, including political systems, corporations, or social organizations. The concentration of power can lead to inequality and limited participation in decision-making processes for the majority.