Which Roman institutions represented aristocracy in Polybius’s analysis of the Roman Republic?

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Marble statue of Polybius seated with one arm raised, draped in classical robes, against a blue sky in Vienna, Austria. The base is inscribed with the name Polybius. — Polybius Polybius, statue in Vienna.

In his analysis of the Roman Republic, the Greek historian Polybius characterized the Roman constitution as a balanced system that incorporated elements of monarchy, aristocracy, and democracy.1

Within this framework, Polybius identified the Senate as the institution that represented the aristocratic element of the Roman government. He admired this structure for its perceived ability to act as a check on the cycle of political decline, which he believed was inherent in other, less balanced forms of government.1