(n) a political system governed by a few people, Example:one of his cardinal convictions was that Britain was not run as a democracy but as an oligarchy; the big cities were notoriously in the hands of the oligarchy of local businessmen
The Collaborative International Dictionary of English (GCIDE) v.0.53 Collaborative International Dictionary (GCIDE)
n.; pl.Oligarchies [ Gr. &unr_;; 'oli`gos few, little + 'a`rchein to rule, govern: cf. F. oligarchie. ] A form of government in which the supreme power is placed in the hands of a few persons; also, those who form the ruling few. [ 1913 Webster ]
All oligarchies, wherein a few men domineer, do what they list. Burton. [ 1913 Webster ]