MERITOCRACY

[noun] - a social system or society in which people have power because of their abilities, not because of their wealth or social positionThe prime minister claims he wants to create a classless meritocracy in Britain. [C]A lot more women need to be promoted to top company positions before business can claim to be a genuine meritocracy. [C]There is much more opportunity and meritocracy in the company I work for at present than in my previous company. [U]