oligarchy

Main Entry: ol·i·gar·chy

Pronunciation: \ˈä-lə-ˌgär-kē, ˈō-\

Function: noun

Inflected Form(s): plural ol·i·gar·chies

Date: 1542

1 : government by the few
2 : a government in which a small group exercises control especially for corrupt and selfish purposes; also : a group exercising such control
3 : an organization under oligarchic control

http://www.merriam-webster.com/dictionary/oligarchies 

An oligarchy (from Greek ὀλιγαρχία, oligarkhía^[1]) is a form of government in which power effectively rests with a small segment of society distinguished by royalty, wealth, family ties, military control, or religious hegemony. The word oligarchy is from the Greek words "ὀλίγος" (olígos), "a few"^[2] and the verb "ἄρχω" (archo), "to rule, to govern, to command".^[3] Such states are often controlled by politically powerful families whose children are heavily conditioned and mentored to be heirs of the power of the oligarchy.

Oligarchies have been tyrannical throughout history, being completely reliant on public servitude to exist. Although Aristotle pioneered the use of the term as a synonym for rule by the rich, for which the exact term is plutocracy, oligarchy is not always a rule by wealth, as oligarchs can simply be a privileged group, and do not have to be connected by bloodlines as in a monarchy. Some city-states from ancient Greece were oligarchies.

Robert Michels believed that any political system eventually evolves into an oligarchy. He called this the "iron law of oligarchy". According to this school of thought, modern democracies should be considered as oligarchies. In these systems, actual differences between viable political rivals are small, the oligarchic elite impose strict limits on what constitutes an 'acceptable' and 'respectable' political position, and politicians' careers depend heavily on unelected economic and media elites. Thus the popular phrase: there is only one political party, the 'incumbent' party.

[edit] Corporate Oligarchy (Corporatocracy)

Corporate oligarchy is a form of power, governmental or operational, where such power effectively rests with a small, elite group of inside individuals, sometimes from a small group of educational institutions, or influential economic entities or devices, such as banks, commercial entities that act in complicity with, or at the whim of the oligarchy, often with little or no regard for constitutionally protected prerogative. Monopolies are sometimes granted to state-controlled entities, such as the Royal Charter granted to the [East India Company], or privileged bargaining rights to unions (labor monopolies) with very partisan political interests.

http://en.wikipedia.org/wiki/Oligarchy