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Oligarchy

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ol⋅i⋅gar⋅chy

[ol-i-gahr-kee]
–noun, plural -chies.
1. a form of government in which all power is vested in a few persons or in a dominant class or clique; government by the few.
2. a state or organization so ruled.
3. the persons or class so ruling.

Origin:
1570–80; < ML oligarchia < Gk oligarchía. See olig-, -archy
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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ol·i·gar·chy   (ŏl'ĭ-gär'kē, ō'lĭ-)   
n.   pl. ol·i·gar·chies
    1. Government by a few, especially by a small faction of persons or families.

    2. Those making up such a government.

  1. A state governed by a few persons.

ol'i·gar'chic, ol'i·gar'chi·cal adj.
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Cultural Dictionary

oligarchy [(ol-uh-gahr-kee, oh-luh-gahr-kee)]

A system of government in which power is held by a small group.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Word Origin & History

oligarchy 
1577, from M.Fr. oligarchie (14c.), from Gk. oligarkhia "government by the few," from oligoi "few, small, little" (of unknown origin) + arkhein "to rule."
Online Etymology Dictionary, © 2001 Douglas Harper
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