They are Aristocracy, Timocracy, Oligarchy, Democracy, and Tyranny. Socrates discusses four unjust constitutions&colon; timocracy, oligarchy, democracy, and tyranny. The ruling class was an oligarchy of merchants and aristocrats. The Council General replaced the aristocratic oligarchy that previously ruled the state. These labourers had grown increasingly resentful over the established patrician oligarchy. From 1903 to 1968, Panama was a constitutional democracy dominated by a commercially oriented oligarchy. The term oligopoly comes from the phrase oligarchy. The Chilean economy partially degenerated into a system protecting the interests of a ruling oligarchy. At this point, Marcos controlled both the oligarchy and the oligopoly. Carthaginian political will was embodied in the ruling oligarchy. This resulted in an oligarchy of the great landed magnates. Phrynichus also was seen as a demagogue with no inclination toward oligarchy. Both were prone to being taken over by a caudillo or an oligarchy. This reform was abolished in a 1935 counterattack led by the intra-House oligarchy. The first was the Constitutionalist Revolution in 1932, led by the Paulista oligarchy.