An oligarchy is a form of governance where power is concentrated in the hands of a small elite group. This elite may share common interests, such as wealth, family ties, or political influence, allowing them to exert significant control over decision-making processes. Oligarchies can emerge in political or economic contexts and often operate through patronage systems, where loyalty is rewarded with power. This concentration of authority can undermine democratic principles, as the broader population may find their interests sidelined. Consequently, oligarchies can create barriers to social mobility and equitable governance.