An oligarchy is a political system in which power resides in the hands of a small, privileged group, often characterized by wealth, social status, or military control. Oligarchies can be structured around elite families, political parties, or corporate interests that influence governance. Decision-making tends to be centralized, with little to no input from the general populace. This structure may lead to an imbalance in representation, where the interests of the few overshadow the needs of the many, often resulting in social inequality and limited political freedom for the broader society.