meritocracy

Noun. 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.

This is an unmodified, but possibly outdated, definition from Wiktionary and used here under the Creative Commons license. Wiktionary is a great resource. If you like it too, please donate to Wikimedia.

This entry was last updated on RefTopia from its source on 3/20/2012.