oligarchy

This term describes a power structure where authority is concentrated in the hands of a select few, often distinguished by wealth, family ties, or military strength. It carries a strong negative connotation, implying that the ruling elite act in their own self-interest rather than for the common good of the population. In modern political discourse, the word is frequently used to describe the rise of wealthy businessmen in post-Soviet states. While it describes a formal government system, it is also applied informally to any small, exclusive group that exerts disproportionate influence over an organization or industry.