What is meant by the term 'oligarchy'?

The term 'oligarchy' specifically refers to a form of governance in which a small group of powerful individuals hold significant control over political decisions and policies. This structure allows the ruling few to exert influence and authority over the larger population. In contrast, a government ruled by many would indicate a much broader and inclusive leadership approach, which does not align with the essence of oligarchy. Similarly, a government of the people or one that operates under democratic principles suggests a system characterized by broader participation and representation, which again diverges from the narrow control seen in an oligarchy. The essence of oligarchy lies in its concentration of power, making the understanding of this term essential in discussions of political systems and power dynamics.