Which of the following statement/s is/are correct with regard to theories of Elite (i) James Burnham proposed the concept of 'Circulation of elites'. (ii) C. Wright Mills' triumvirate power group consists of political, economic and managerial classes. (iii) G. Mosca emphasised on the personal characteristics of elite. (iv) Elite theory supports pluralism. Choose the correct answer from the code given below :?

Option 2 : Only (iii)

Elite theory is a state theory that aims to define and explain power dynamics in current society in political science.

• In political science, power is how it is distributed in communities is an important field of study. 
• A comprehensive examination of political systems, both democracies and dictatorships, reveals significant differences. 
• The major theories are the Elite and Pluralist theories and the elitists believe that there is little difference.
• The elitist theory has proponents: Italy's Vilfredo Pareto and Gaetano Mosca, Germany's Robert Michels and American sociologist C. Wright Mills.
• Pareto in his book The Mind and Society (1935), proposed the concept of 'Circulation of elites'.
• C. Wright Mills's work The Power Elite (1956), highlights the intertwined interests of society's military, corporate, and political leaders. 
• G. Mosca, The Ruling Class (1939), emphasised the personal characteristics of the elite.
• While elitism refers to minority rule, pluralism refers to minority rule.
• It is a diversity doctrine and its basic point is that most modern forms of government are open, with various interests and parties competing for power.

Thus, G. Mosca emphasised the personal characteristics of the elite" is a correct statement with regard to theories of Elite.