A political system where a small, influential group of individuals makes most of the important decisions can be understood as a form of governance. These individuals, often characterized by wealth, social status, education, or professional expertise, wield considerable power in shaping policy and directing the course of a nation. For example, a council of prominent business leaders advising a government on economic policy illustrates this concentration of influence.
This framework suggests that those considered most qualified or knowledgeable are entrusted with the responsibilities of leadership, potentially leading to more efficient and informed decision-making. Historically, proponents have argued it fosters stability and prevents the perceived dangers of populism or uninformed public opinion swaying critical choices. However, criticisms often center on the potential for inequality, limited representation of diverse perspectives, and the risk of decisions serving the interests of a select few rather than the broader population.