oligarchy

from WordNet (r) 3.0 (2006)

oligarchy
    n 1: a political system governed by a few people; "one of his
         cardinal convictions was that Britain was not run as a
         democracy but as an oligarchy"; "the big cities were
         notoriously in the hands of the oligarchy of local
         businessmen"

from The Collaborative International Dictionary of English v.0.48

Oligarchy \Ol"i*gar"chy\, n.; pl. {Oligarchies}. [Gr. ?;
   'oli`gos few, little + 'a`rchein to rule, govern: cf. F.
   oligarchie.]
   A form of government in which the supreme power is placed in
   the hands of a few persons; also, those who form the ruling
   few.
   [1913 Webster]

         All oligarchies, wherein a few men domineer, do what
         they list.                               --Burton.
   [1913 Webster]