What term refers to the concentration of power in a formal organization and held by small, self-perpetuating elite?

Question

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The iron law of oligarchy is the term that describes the concentration of power within a formal organization, held by a small, self-perpetuating elite. This concept suggests that all forms of organization, regardless of how democratic they are at the start, will eventually and inevitably develop oligarchic tendencies, thus concentrating power in the hands of a few.

What Term Refers to the Concentration of Power in a Formal