For the following word below, a context is provided. From the alternatives given, pick the word or phrase that is closest in meaning in the given context.
Oligarchy: Mrigank argued that all political parties, including those which profess democratic values become the instruments of their leaders who eventually become a self-interested and self-satisfied oligarchy.
rule of a mob or crowd
small group of people having control of state
an iron-rule of democrats
a socialist rule of activists
Oligarchy here refers to a small group of people having control of a country or organization.
Therefore, small group of people having control of state is the correct option.