meritocracy

/mɛɹɪˈtɒkɹəsi/

Etymology

From merit + -o- + -cracy, coined by British sociologist Alan Fox in 1956 in an article in Socialist Commentary from May 1956, used as a derisive term, and popularized by British sociologist Michael Young, Baron Young of Dartington in his 1958 book The Rise of the Meritocracy.

noun

Rule by merit and talent.“As a small nation without natural resources, Singapore relies on education and meritocracy to develop its economy.”
A type of society where wealth, income, and social status are assigned through competition.