What Is Aristocracy? Aristocratic Advantages & Disadvantages

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There is no shortage of formats for governmental structures — in regard to today and throughout history. Nowadays, various forms of democratic republics, where elected officials represent the voice of the people, are common. But this wasn’t the case centuries ago when aristocracies were the most common form of government. So, have aristocracies actually become extinct — and what would it have been like to live in one?