Some examples of the oligarchic system of government can be found in Russia following the fall of the Soviet Union when a group of private businessmen dominate both wealth and political power in the Russian government. In the Russian example, oligarchs are identified as business magnates perceived as close to the current form of government. As of 2014, 110 Russian billionaires account for 35 percent of the country's wealth.Know More
While an oligarchy identifies a group of people who hold most, if not all, political and financial power within a country, there is a key difference in the oligarchic system of government when compared to a monarchy. In an oligarchy, there is no blood relation needed to inherit or receive power from one generation to the next. When power is held by an oligarchic individual or family, it can easily shift within the space of a few years to a different individual or family.
The citizens that stand outside the circle of oligarchs in an oligarchic system of governance do not have a say in any military or economic actions taken by the government. Historically, oligarchies are seen as tyrannical forms of governance, though the severity of oppression may vary by case.Learn more about Types of Government
In political theory, the "Iron Law of Oligarchy" holds that in any organization or society, an elite will naturally emerge independently of democratic election. The theory holds that as businesses grow, so dow power, and as power grows, so does corruptionFull Answer >
Capitalism refers to an economic system featuring private corporations and individuals maintaining ownership of a society's means of producing, distributing and exchanging wealth; mercantilism refers to a practice that predates capitalism, in which towns, regions and countries set up imbalances in trade with one another. Capitalism is designed to set up open competition, but mercantilism is designed to establish a winner among losers.Full Answer >
A communist state is a system of government whereby wealth is distributed to the people based on need. Production resources are owned and controlled by the government. The government, in turn, is expected to operate for the benefit of the working class.Full Answer >
Czechoslovakia, the Soviet Union, Bulgaria, Romania, East Germany, Poland and Albania were the countries that comprised the Communist Bloc during the Cold War. Politicians also referred to it as the Iron Curtain, the Eastern Bloc or the Soviet Bloc. The Communist Bloc was a matter of contention between Europe and the Soviet Union as the struggle between the Soviet Union and the United States developed.Full Answer >