Final answer:
True, Mills's concept of 'the good old boy system' reflects top leaders with common interests and close relationships forming a power elite, as described in his 1956 work.
Step-by-step explanation:
According to C. Wright Mills in his book The Power Elite (1956), "the good old boy system" reflects the situation of top leaders who share common interests and close relationships, and this statement is true. Mills characterized this elite group as consisting of wealthy executives, politicians, celebrities, and military leaders who have significant control over resources and the ability to influence national policies. This power elite is seen as a relatively small, tight-knit group that sustains its influence through networks that include elite clubs, select schools, and exclusive destinations. Conflict theory helps explain how such groups maintain their wealth and influence through social policies and other mechanisms. Moreover, these ideas align with earlier notions like the "Iron Rule of Oligarchy" proposed by Michels, suggesting that large organizations tend to be ruled by a few elites, posing challenges to the idea that such organizations can be collaborative.