Oligarchy

Oligarchy (Gr. 6Myot, few, apyi, rule), in political philosophy, the term applied to a government exercised by a relatively small number of the members of a community. It is thus the appropriate term for what is now generally known as "aristocracy" (q.v.). The meaning of the terms has substantially altered since Plato's day, for in the Republic " oligarchy" meant the rule of the wealthy, and "aristocracy" that of the really best people.