In a primetime farewell speech on Wednesday, President Joe Biden cautioned Americans about the emergence of an “oligarchy” as President-elect Donald Trump prepares to take office again in just five days.

“Currently, an oligarchy is forming in America, driven by extreme wealth, power, and influence, which poses a threat to our democracy, our fundamental rights, and the opportunity for everyone to succeed,” Biden stated.

He commended his administration for its efforts in upholding a robust democracy but stressed that a “dangerous concentration of power among a small group of ultra-wealthy individuals” represents significant risks to the country if their power is allowed to go unchecked.

The term “oligarchy” has often been used by politicians to express concerns about corrupt governance in the U.S.

Anna Kelly, spokesperson for the Trump-Vance transition, reacted to Biden’s remarks, saying, “Joe Biden’s presidency has been plagued by soaring inflation, a surge in migrant-related crimes, and a perception of American weakness globally.”

“Fortunately, in just five days, President Trump will initiate a new era of American prosperity and fulfill his promise to Make America Wealthy, Safe, and Great Again,” Kelly informed YSL News.

Here’s a deeper look into the term “oligarchy” and its meaning.

What does oligarchy mean?

An oligarchy typically refers to a form of governance or organization managed by a small group of individuals or families.

The Greek philosopher Aristotle originally used this term to depict the rule of the aristocracy, or elite class, as noted by National Geographic.

“To Aristotle, an aristocracy represented rule by the most capable members of society, whereas an oligarchy was defined by the corrupt governance of a few,” according to National Geographic.

Can you provide an example of an oligarchy?

Recently, the term oligarch has come to characterize wealthy, influential Russian business elites. Prior to the emergence of Vladimir Putin’s leadership, a cluster of Russian oligarchs wielded significant control over the nation’s economy. When Putin ascended to power, he presented them with a stark choice: prison or loyalty.

During Trump’s initial term, his administration released a 2018 list showcasing numerous Russian politicians and oligarchs who thrived under Vladimir Putin’s regime.

Some analysts have also referred to China as an oligarchy, given its leadership has remained concentrated in the hands of a few for many years, despite its self-identification as a communist “people’s republic.”

What are the primary forms of government?

In addition to oligarchies, several notable forms of government exist worldwide:

• Absolute monarchy: A monarch reigns without being constrained by other governing entities.
• Anarchy: A state of political disorder due to the absence of governmental authority.
• Authoritarian: Government authority imposes control over the lives of citizens.
• Communist: The state controls the economy under a single governing party, seeking to eliminate private ownership and promote equal distribution of goods in a classless society.
• Democracy: Power is held by the people.
• Democratic republic: Citizens elect representatives who hold governing authority.
• Dictatorship: An individual or small group holds absolute power without a constitution or laws.
• Ecclesiastical: Governance administered by religious leaders.
• Emirate: Leadership concentrated in the hands of an emir in a Muslim state.
• Monarchy: Sovereignty rests with a monarch, often inherited.
• Socialism: A central government is responsible for producing and distributing goods to achieve a more equitable society.
• Sultanate: Supreme authority is held by a sultan.
• Theocracy: A deity is recognized as the ultimate authority.
• Totalitarian: The government prioritizes state control over individuals, regulating political, economic, and social beliefs and values.

Contributors: Joey Garrison and Francesca Chambers