I think the word would be autocracy. Everything has a monarchy feel though, one of the members that died was the last in a line of council members. One of the members (the only permanent elven resident) has been there since the council's inception. I've been kicking the phrase "rolling coin economics" around and made it clear that the money is actually small cubes of iron made to look like precious metals.
"I think everyone should just trust in the council as much as I do and I promise you, once elected, we'll be through these troubled times"
"ONCE ELECTED WE'LL PUT THE GOBLINS TO WORK"