Meritocracy
WordNet

noun


(1)   The belief that rulers should be chosen for their superior abilities and not because of their wealth or birth
(2)   A form of social system in which power goes to those with superior intellects
WiktionaryText

Etymology


, from + , from .

Coined in 1958 by Michael Young, in his book Rise of the Meritocracy.

Noun



  1. Rule by merit, and talent. By extension, now often used to describe a type of society where wealth, income, and social status are assigned through competition.

Usage notes


Though widely used as a term of praise, the term was original coined as a satire, and a critique of awarding educational achievement.
 
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