Aristotle pioneered the use of the term as meaning rule by the rich, for which another term commonly used today is plutocracy. In the early 20th century Robert Michels developed the theory that democracies, as all large organizations, have a tendency to turn into oligarchies.
Lucius Cornelius Sulla the Roman dictator was the one responsible for the dramatic changer in Roman consitution. Sulla's politics was rather conservative, and Sulla had an objective to strengthen the Roman Senate and reduce the power of the plebeian tribunes. He retired in 79BC.
Samuel Slater
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