Meritocracy (merit, from Latin mereō, and -cracy, from Ancient Greek κράτος kratos 'strength, power') is the notion of a political system in which economic goods and/or political power are vested in individual people based on talent, effort, and achievement, 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 his dystopian political and satirical book The Rise of the Meritocracy in 1958.

Source: Wikipedia

(G) Very specific problems