Oligarchy (Praemium Terra Setting)

Oligarchy is a form of government in which a few members of a small elite rule the rest of society. It is not an aristocracy, at least not in the sense that the defining characteristic of the rulers is that they are the best to rule (aristocracy means "rule of the best", not "rule of a few", although oligarchs will fool themselves into thinking that they are the best.) Almost without exception, oligarchs possess great wealth (technically known as a plutocracy "rule of those with money"), military power, or more often, both.

The fundamental flaw with this form of government is that it can only be maintained if the oligarchs are able to govern effectively and not get too greedy. Furthermore, the oligarchs are in a difficult position during times of war. If they arm the masses, they risk being overthrown by their own army, but if they do not arm the masses, they will be as few to fight as they are as few to rule. In the case of the 500 ruling archmages, this is okay, as each of them is a power in his own right.

See here for more: [1]

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