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Below are some Dictionary definitions or meanings of the special word Meritocracy
(1). A social system, society or organisation in which people have power because of their abilities, not because of their money or social position.
(2) - a. A system in which the talented are chosen and moved ahead on the basis of their achievement.
(2) - b. Leadership selected on the basis of intellectual criteria.
(3). The Company is a Meritocracy. Good work is rewarded with promotions.