What is an oligarchy? More about the term Joe Biden used in his farewell address

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In a primetime farewell address Wednesday, President Joe Biden warned Americans that an "oligarchy" is on the rise just five days before President-elect Donald Trump returns to the White House.

"Today an oligarchy is taking shape in America of extreme wealth, power and influence that threatens our entire democracy, our basic rights, the freedoms and the fair shot for everyone to get ahead," Biden said.

Biden applauded his own administration's work at maintaining a strong democracy but said that a "dangerous concentration of power in the hands of a very few, ultra-wealth people" poses enormous risks for the nation "if their abuse of power is left unchecked."

Elected officials have often used the term "oligarchy" as a derogatory warning to the American public regarding corrupt governments.

Trump-Vance transition spokesperson Anna Kelly responded to the comment by saying: "Joe Biden's legacy is marred by crippling inflation, a migrant crime invasion, and American weakness on the world stage.

"Thankfully, in just five days, President Trump will usher in a new Golden Age of American Success and carry out his mandate to Make America Wealthy, Safe, and Great Again," Kelly told Paste BN.

Here's more about the term "oligarchy" and what it means.

What is an oligarchy?

The general definition of an oligarchy refers to a government or institution run by a few group of people or families.

Greek philosopher Aristotle used the term to describe the rule of aristocracy, or elite powerful societal class, according to National Geographic.

"However, to Aristotle, an aristocracy signified rule by the best members of society, while an oligarchy was characterized by the rule of the few for corrupt and unjust purposes," National Geographic reported.

What's an example of an oligarchy?

The term oligarch has most recently been used to describe well-connected, influential wealthy Russian business leaders. Before Russian President Vladimir Putin’s rule, a group of Russian oligarchs had control over most of the country’s economy. When Putin rose to power, he offered them a choice of prison or loyalty.

During Trump's first term, his administration posted a 2018 list of hundreds of Russian politicians and oligarchs that have "flourished" under Russia President Vladimir Putin’s rule.

Some have called China an oligarchy because leadership has remained in the hands of a few for several decades, though the nation defines itself as a communist "people's republic."

What are the main forms of government?

Outside of oligarchies, here are some notable forms of government seen globally:  

• Absolute monarchy: A monarch rules without being hindered by other governing bodies
• Anarchy: Lack of governmental authority, a condition of lawlessness or political disorder
• Authoritarian: State authority is imposed on citizens' lives
• Communist: The state controls the economy with a single party in power. Private ownership is eliminated with a goal of all goods equally shared in a classless society
• Democracy: Power is retained by the people
• Democratic republic: Citizens vote for representatives who hold governing power 
• Dictatorship: A ruler or small group wield absolute power without a constitution or laws
• Ecclesiastical: Church-administered government
• Emirate: Power in the hands of the ruler of a Muslim state, an emir
• Monarchy: Supreme power is in the hands of a monarch, usually a king or queen and usually hereditary
• Socialism: A central government produces and distributes goods to seek a more just and equitable society 
• Sultanate: Supreme power rests in the hands of a sultan
• Theocracy: A Deity is recognized as supreme leader
• Totalitarian: Government subordinates individuals to the state, controlling political, economic and social attitudes, values and beliefs

Contributing: Joey Garrison and Francesca Chambers