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“Oligarch” is a member of a small group of people, who run a country or
organization. Such a system of running the country by a small group of people
is called “oligarchic”. Eventually, through forming the societal oligarchy
bureaucracy takes over from democracy. In the business world, when the
control of all or most of the business activity is conducted by a few companies
is called oligopoly. Businessmen form an oligopoly to protect them from the
competition with other business or company. When social or political
administration lies with a few group of people is called societal or political
oligarchy.

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