Governments in the southern colonies were often considered oligarchies. what is an oligarchy?

Oligarchy comes from the greek word "oligos" which means " a few" and the word "archos" which means "to Govern", so it is a government system where all the power is gathered by a small group of people, usually richest families in the city or country, it isn´t seen as an open democracy because not only they run the destinities of the country but also develop and create the rules, the law, and manage all the system. Back then we also could find that power in the hands of the oldest men in the country who controlled everything and had a lot of economic power.