Answer :
The above situation is referring to the system of oligarchy. Oligarchy is a system of government in which some formal and effective limits are placed on the powers of the government, yet most governing decisions are controlled by a small group of wealthy people.
A power structure known as an oligarchy is one in which a small group of individuals has the majority of the sway. One or more traits, such as nobility, fame, fortune, education, or corporate, religious, political, or military control, may or may not set these people apart.
The term "oligarchy" is typically used to describe China and Iran in modern times. China calls itself a communist "people's republic," yet for many years the country's leadership has been held by a small group of people.
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