An oligarchy is a form of government where power is concentrated in the hands of a few individuals or groups, often characterized by their wealth, status, or political influence. In this system, decision-making is limited to this elite class, which can lead to the exclusion of broader societal participation. Oligarchies can manifest in various forms, including aristocracies, plutocracies, and technocracies, undermining democratic ideals and contributing to inequality within society.