Technocracy

DEFINITION of 'Technocracy'

A form of government where decision-makers are chosen for a governing office based on their technical expertise and background. A technocracy differs from a traditional democracy in that individuals elected to a leadership role are chosen through a process that emphasizes their relevant skills and proven performance, as opposed to whether or not they fit the majority interests of a population. Decisions made by technocrats are based on information derived from methodology rather than opinion.

BREAKING DOWN 'Technocracy'

A politician who is labeled as a technocrat may not possess the political savvy or charisma that is typically expected of people who sway public opinion in favor of electing him or her to a government position. Instead, a technocrat may demonstrate more pragmatic and data-oriented problem-solving skills in the political arena. Technocracy became a popular movement in the United States during the Great Depression when it was believed that technical professionals, like engineers and scientists, would have a better understanding than politicians regarding the economy's inherent complexity.

RELATED TERMS
  1. Technical Job Skills

    Technical job skills refer to the talent and expertise a person ...
  2. Soft Skills

    The character traits and interpersonal skills that characterize ...
  3. Soft Money

    1. The "one-time" funding from governments and organizations ...
  4. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, ...
  5. Leadership

    The ability of a company's management to make sound decisions ...
  6. Limited Government

    A political system in which legalized force is restricted through ...
Related Articles
  1. Markets

    Political Ideologies And Stocks

    Learn how different political systems affect emerging market stocks.
  2. Markets

    Most Valuable Career Skills in 2016

    Evaluating the mixture of technical skills and traditional "soft skills" that render career applicants competitive in the 2016 job market.
  3. Markets

    Money And Politics

    Learn about the progression of events and legislation that shaped and influenced today's political environment.
  4. Investing

    What are Technical Skills?

    Technical skills are specialized knowledge and abilities used to perform a specific task. Technical skills are often associated with jobs in the high-tech industry, such as computer programming, ...
  5. Professionals

    Top 7 Non-Financial Skills Required In Finance

    Top-notch math skills and financial knowledge are important to a financial professional. But they’re only the tip of the iceberg.
  6. Markets

    Explaining Limited Government

    Limited government is a political viewpoint that favors few, if any, government controls on individuals and the economy.
  7. Markets

    Employability, The Labor Force And The Economy

    Individuals do not have absolute control of their employability since employability is also affected by market and economic conditions.
  8. Trading

    5 Skills That Traders Need

    There are many routes to becoming a professional trader, but these five skills will help you get there.
  9. Markets

    The Federal Reserve: Too Powerful?

    The Federal Reserve needs its power in order to make the tough decisions that politicians can't.
  10. Trading

    The Top 5 Skills An Investment Banker Needs

    What are the top skills investment bankers need to have? Are i-bankers born or made?
RELATED FAQS
  1. What skills do I need to become a Portfolio Analyst?

    Learn what a portfolio analyst does and some examples of skills and knowledge one must possess to become a successful portfolio ... Read Answer >>
  2. How have technical skills shifted over the past century in the workforce?

    Learn how technological and economic changes have shaped the American workforce during the past century and how hiring began ... Read Answer >>
  3. Who thinks fiscal deficits are a good idea?

    Find out why nearly all political actors support the concept of governments incurring fiscal deficits, either explicitly ... Read Answer >>
  4. Why is free enterprise often associated with being politically conservative?

    Find out how conservatives and free market libertarians formed unlikely political alliances in the United States in response ... Read Answer >>
  5. Where did the phrase "pork barrel" come from?

    Learn what the phrase "pork barrel" means and the time period it originated from. Discover how it has become associated with ... Read Answer >>
  6. What are the different groups involved in corporate governance?

    Learn about the challenges inherent to defining and executing corporate governance, and understand why different groups work ... Read Answer >>
Hot Definitions
  1. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
  2. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
  3. Brazil, Russia, India And China - BRIC

    An acronym for the economies of Brazil, Russia, India and China combined. It has been speculated that by 2050 these four ...
  4. Brexit

    The Brexit, an abbreviation of "British exit" that mirrors the term Grexit, refers to the possibility of Britain's withdrawal ...
  5. Underweight

    1. A situation where a portfolio does not hold a sufficient amount of a particular security when compared to the security's ...
  6. Russell 3000 Index

    A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of ...
Trading Center