Oligarchy is a form of governance where power is concentrated in the hands of a small group of individuals or families. This elite group often makes decisions that benefit their own interests rather than the broader population. Oligarchies can arise in various contexts, including political, economic, or social spheres, and can be seen in both democratic and authoritarian regimes. In an oligarchic system, the ruling elite may maintain control through wealth, social status, or political influence. This concentration of power can lead to significant inequalities and limit the participation of the general populace in decision-making processes, often resulting in widespread discontent and calls for reform.