MERITOCRACY
meritocracy
(noun) the belief that rulers should be chosen for their superior abilities and not because of their wealth or birth
meritocracy
(noun) a form of social system in which power goes to those with superior intellects
Source: WordNet® 3.1
Etymology
Noun
meritocracy (countable and uncountable, plural meritocracies)
Rule by merit, and talent.
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 originally coined as a satire, and a critique of awarding educational achievement.
Source: Wiktionary