Some names for the form of government ruled by the rich or powerful might include, a plutocracy (rule by the wealthy), an oligarchy (rule by the wealthy, connected, educated, royalty), or maybe an aristocracy (rule by a small class of privileged).
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oligarchy
An oligarchy is a government controlled by a small group of wealthy landowners and corporate leaders.
A democracy?
Since Plutocracy is a government ran by the wealthy, there could be a few disadvantages but also there could be some advantages, also. Disadvantages: Wealthy People running a government can be a bad idea. They could make people pay more money for taxes, and they could make people pay more for cars and anything in stores. Advantages: Wealthy people running a government could also be a good idea. Knowing that wealthy people can cherish their money and not want to give it away, they could higher people to make money for them so that there will be less taxes and more money towards employed people.
A government of the people by the people describes not just the sovereignty of the people but it ensures how much importance it is giving to the people.its all about the people.the whole system is made by the people and definetly its not for anyone but for the people.there are many drawbacks,but at the same time it is the best system we have now with us and it worked well so far