What characterizes an oligarchy?

An oligarchy is characterized by power residing with a small number of people. This system allows a select group, often distinguished by wealth, family ties, corporate interests, or military control, to make decisions that affect the larger population. Unlike a democracy, where power is derived from the majority through voting, or a monarchy ruled by a single sovereign, oligarchies limit power to a specific elite group. This concentration of authority can lead to a lack of accountability and may foster an environment where the interests of the few overshadow the needs of the many, making it a distinct governing structure. Other forms, such as a totalitarian regime or democratic systems, operate under different principles regarding the distribution of power.