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Meritocracy is a system of a government or other organization where in appointments are made and responsibilities assigned to individuals based upon demonstrated talent and ability (merit).[1] In a meritocracy, society rewards (via wealth, position, and social status) those who show talent and competence as demonstrated by past actions or by competition. Evaluation systems, such as formal education, are closely linked to notions of meritocracy.
This is opposed to other value systems, where reward and legitimacy is based upon possession of wealth (plutocracy), family connections (nepotism), property (oligarchy), friendship (cronyism), seniority (gerontocracy), popularity (democracy) or other historical determinants of social position and political power.
I myself believe meritocracy would be the perfect system of government ridding the world of incompetent leaders and quickly advancing our society to levels untold.