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What does it mean?  meritocracy

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From our dictionary:

(mer"i•tok'ru•sE), n., —pl. -cies.
1. an elite group of people whose progress is based on ability and talent rather than on class privilege or wealth.
2. a system in which such persons are rewarded and advanced: The dean believes the educational system should be a meritocracy.
3. leadership by able and talented persons.

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