Meritocracy (merit, from Latinmereō, and -cracy, from Ancient Greekκράτοςkratos 'strength, power') is the notion of a political system in which economic goods or political power are vested in individual people based on ability and talent, rather than wealth or social class. Advancement in such a system is based on performance, as measured through examination or demonstrated achievement. Although the concept of meritocracy has existed for centuries, the first known use of the term was by sociologist Alan Fox in the journal Socialist Commentary in 1956. It was then popularized by sociologist Michael Dunlop Young, who used the term in his dystopian political and satirical book The Rise of the Meritocracy in 1958. Today, the term is often utilised to refer to social systems, in which personal advancement and success are primarily attributed to an individual's capabilities and merits.
Political system in which capital is assigned on the basis of expertise