An oligarchy is a form of government where a small group of people holds significant power and influence over a larger population. This ruling group can be composed of individuals from the same social class, economic status, or political party. Oligarchies often arise in societies where wealth and resources are concentrated in the hands of a few, leading to unequal distribution of power. In an oligarchic system, decision-making is typically limited to this elite group, which can result in policies that favor their interests rather than the general public. Historical examples of oligarchies include the Russian oligarchs who gained power after the fall of the Soviet Union and the Spartan ruling class in ancient Greece.