Latin American History – 1791 to Present
An oligarchy is a form of governance where power resides in the hands of a small, elite group of individuals or families. This concentration of power often leads to the prioritization of the interests of the few over the needs of the larger population, resulting in social and economic inequalities. In the context of liberal reforms, oligarchies can emerge as a reaction to efforts aimed at democratization, where elites maintain control and limit broader participation in political processes.
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