It embodies the heavy dignity of those Victorian financiers who ruled the generation between the pioneers and the brisk "sales-engineers" and created a somber oligarchy by gaining control of banks, mills, land, railroads, mines.
There are no more uses of "oligarchy" in the book.
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Many political theorists believe there is an iron law of oligarchy that all forms of organization will eventually develop tendencies to be ruled by the few.
This is, without discussion, the earliest-known occasion on which the Oligarchy was so designated.