oligarchism


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Related to oligarchism: Oligarchist

oligarchism

adherence to oligarchy as a principle. — oligarchist, n.
See also: Philosophy
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Experts characterize Ukraine as a country with "crony capitalism" or "oligarchism", a system full of bribing and informal connections between representatives of public sectors and the owners of "big" businesses in order to satisfy their common interests via lobbying the favorable legal norms and regulations; the practice of implementing nationalization based on lower than market value of a public entity in favor of associated individuals rather than based on a firms performance and competitive advantages.
Nevertheless, Dicey's views on local authority functions do seem to underestimate the significance of what was seen as an 'organised oligarchism' (122) by contemporaries writing from Dicey's perspective.