Oligarchical collectivism is the economic and political system of Oceania and the other superstates in the dystopia Orwell depicts in 1984. It refers to a system ruled by a small group of elites, an oligarchy, in which the society is collectivist in the sense that ownership is state-controlled rather than private.
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The word 'unfathomable' means not able to be understood.
to 'fathom' is to think or ponder on something so as to understand it.