Efficiency- Oligarchies are known for their efficiency.Iron law of oligarchy- The "iron law of oligarchy," coined by German sociologist Robert Michels to describe the ostensibly inevitable tendency of political parties and labour unions to become bureaucratized, centralised, and conservative, is one of the most well-known modern usage of the word.Russia has been labelled an oligarchy since the demise of the Soviet Union, and China has been labelled an oligarchy since its adoption of capitalism in the late 1970s.Though substantially strengthened by Pareto's theory, the present inclination to interpret social patterns in terms of an elite dates back to Marx and Engels, who used the term elite to characterise the class-conscious communists, the leadership group within the proletariat.In his philosophy of the "elite," Vilfredo Pareto built on the concept. Gaetano Mosca, an Italian political scientist, agreed that a "ruling class" always constituted effective oligarchic rule.As a result, Karl Marx and Friedrich Engels maintained that the government had been controlled by the key capitalists throughout the history of capitalism they coined the statement, "the state is the executive committee of the exploiting class.".Whether legal authority is placed in the people, a monarch, the proletariat, or a dictator, oligarchs will obtain effective rule.It is a common belief that, in the end, all forms of government are reducible to the control of a few.Historical background Historical background technocracy (rule by technical experts or educated people).There are several types of oligarchies such as.Such elites are more likely to use their influence for the benefit of their own class.The majority of classic oligarchies have arisen when ruling elites are drawn solely from a ruling caste-a hereditary social grouping distinguished from the rest of society by religion, kinship, economic standing, prestige, or even language.Oligarchy is a degraded form of aristocracy, which refers to administration by the few, with authority concentrated in the most capable individuals.It differs from a monarchy in that authority is concentrated in the hands of a few people rather than a king.In comparison to a democracy, an oligarchy differs in that very few individuals have the ability to vote or change anything.An oligarchy is a form of government in which power or authority is concentrated in the hands of a small group of privileged individuals or individuals with similar or shared interests.
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