Short Answer 
Oligarchies can promote efficient governance through quick decision-making and well-educated leaders, fostering inclusivity among societal groups. However, they also risk neglecting the needs of the general populace, favoring elites, and potentially leading to poor decisions and suppressed freedoms due to a lack of checks and balances.
Step 1: Understanding the Pros of Oligarchies
Oligarchies can lead to significant societal transformations by compelling influential leaders, such as monarchs or dictators, to share power with other societal groups. This power-sharing fosters inclusivity among various elements of society. Key benefits include:
- Quick decision-making allows for efficient governance.
- Expert leadership is often present, as rulers are typically well-educated.
- Collaboration among rulers can enhance the effectiveness of governance.
Step 2: Examining the Cons of Oligarchies
Despite the potential benefits, oligarchies also pose serious drawbacks that can hinder a fair society. Often, the needs and desires of the general populace are overlooked, leading to severe inequalities. Key issues include:
- Influential leaders often create rules that favor the elite, disregarding common people’s needs.
- Elections are typically controlled, ensuring that only the privileged have a voice in selecting leaders.
- The suppression of freedom of speech can lead to violence, with dissenters possibly facing severe consequences.
Step 3: Recognizing the Risks of Oligarchic Governance
While oligarchies can make swift decisions, this speed can also lead to negative outcomes due to a lack of checks and balances. The absence of diverse input may result in poor governance, especially during crises. Key risks include:
- Rapid decision-making can lead to poor choices without thorough discussion.
- There is often little opportunity for correction if decisions negatively impact the country.
- Inflexibility can ensue, as there are no alternative voices to steer the country in a different direction.