Autocracy vs Oligarchy
Autocracy and Oligarchy are two forms of government that show difference between them when it comes to the methods of rule and characteristics. The autocracy form of government is characterized by the presence of a single leader who rules the people. It is akin to the dictatorship form of government.
The economy in the case of autocracy differs from that of oligarchy. As a matter of fact, in autocracy, economy is either a command or traditional system. The government definitely has a say in all the business arrangements. On the other hand, oligarchy is a form of government in which the power rests with a small group of people.
It is interesting to note that the people who have the power to control are normally distinguished by wealth, military positions, family ties or corporate positions. The word ‘oligarchy’ is derived from the Greek word ‘oligos’ meaning ‘a few’. This is because of the fact that the oligarchy power of government rests in the hands of only a few people as apposed to autocracy where the power rests in the hands of a single person.
When the power rests in the hands of a small elite group of people or influential economic entities then it is called by the name of corporate oligarchy. On the other hand, the word ‘autocracy’ is derived from the Greek word ‘auto’ meaning ‘self’. Sometimes the word ‘autocracy’ refers to the meaning of ‘one who rules by himself’.
It is interesting to note that the leader in the autocratic form of government has all the power including legislative and executive power. Autocracy can at times be equated to the military dictatorship form of government. On the other hand, an oligarchy form of government cannot be equated to a dictatorship form of government.