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Oligarchy (from Ancient Greek ὀλιγαρχία (oligarkhía) 'rule by few'; from ὀλίγος (olígos) 'few' and ἄρχω (árkhō) 'to rule, command') [1] [2] [3] is a form of government in which power rests with a small number of people.
The iron law of oligarchy is a political theory first developed by the German-born Italian sociologist Robert Michels in his 1911 book Political Parties. [1] It asserts that rule by an elite, or oligarchy , is inevitable as an "iron law" within any democratic organization as part of the "tactical and technical necessities" of the organization.
Autocracy is a system of government in which absolute power is held by the head of state and government, known as an autocrat.It includes some forms of monarchy and all forms of dictatorship, while it is contrasted with democracy and feudalism.
But unlike an aristocracy, an oligarchy is more closely tied to wealth than nobility and family lineage. The philosopher Aristotle wrote in his book “Politics” that “democracy is safer and more free from civil strife than oligarchy; for in oligarchies two kinds of strife spring up, faction between different members of the oligarchy and ...
Solon introduced the ideas of timokratia as a graded oligarchy in his Solonian Constitution for Athens in the early 6th century BC. His was the first known deliberately implemented form of timocracy, allocating political rights and economic responsibility depending on membership of one of four tiers of the population.
Plato, Socrates, Aristotle, Xenophon, and the Spartans considered aristocracy (the ideal form of rule by the few) to be inherently better than the ideal form of rule by the many , but they also considered the corrupted form of aristocracy (oligarchy) to be worse than the corrupted form of democracy .
Bureaucracies tend to generate oligarchy; which is where a few officials are the political and economic power. According to Weber, because bureaucracy is a form of organization superior to all others, [ 13 ] further bureaucratization and rationalization may be an inescapable fate .
The "passivity" agreement FDIC wants BlackRock to sign is designed to assure bank regulators that the giant money manager will remain a "passive" owner of an FDIC-supervised bank and won’t exert ...