Oligarchy is a system of government in which power is shared by a privileged few. Theoretically or ideally, the individuals sharing power would be considered the wisest of the populace. The concept of oligarchy descends from the Greeks. The government of Sparta was an oligarchy, while neighboring Athens had a democracy. In contrast to the democracy, Sparta was ruled by a few and not everyone.
There have not been many examples of oligarchies in history or literature. The governing structure of the community in the book The Giver is an oligarchy. Everything is ruled by committee, and the committee is selected based on natural intelligence and wisdom. Power is equally shared, and although there is a Chief Elder that person’s role is mainly as spokesperson for the committee.