socialogarchy
a new kind of government between an oligarchy (a form of government in which all power is vested in a few persons or in a dominant class or clique; government by the few) and socialism (a theory or system of social organization that advocates the ownership
and control of the means of production and distribution, capital, land, etc., by the community as a whole, usually through a centralized government).
and control of the means of production and distribution, capital, land, etc., by the community as a whole, usually through a centralized government).
The government of that country is a socialogarchy.