ol·i·gar·chy

[ol-i-gahr-kee]
noun, plural ol·i·gar·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; < Medieval Latin oligarchia < Greek oligarchía. See olig-, -archy

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2013.
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Collins
World English Dictionary
oligarchy (ˈɒlɪˌɡɑːkɪ) [Click for IPA pronunciation guide]
 
n , pl -chies
1.  government by a small group of people
2.  a state or organization so governed
3.  a small body of individuals ruling such a state
4.  chiefly (US) a small clique of private citizens who exert a strong influence on government
 
[C16: via Medieval Latin from Greek oligarkhia, from olígos few + -archy]
 
oli'garchic
 
adj
 
oli'garchical
 
adj
 
oli'garchically
 
adv

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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00:10
Oligarchy is always a great word to know.
So is doohickey. Does it mean:
an extraordinary or unusual thing, person, or event; an exceptional example or instance.
a gadget; dingus; thingumbob.
Etymonline
Word Origin & History

oligarchy
1570s, from M.Fr. oligarchie (14c.), from Gk. oligarkhia "government by the few," from oligoi "few, small, little" (of unknown origin) + arkhein "to rule" (see archon).
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
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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Example sentences
The interesting question is whether or not it is even possible for a democracy
  not to evolve into an oligarchy.
It's oligarchy and history has shown us that the current state of affairs is
  not sustainable in the long-run.
The people surrender their sovereign power to an oligarchy who are elected and
  whose opportunity to wield power is time limited.
Political power was in the hands of the oligarchy, democracy was a farce.
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