Aristocracy originally meant “the rule of the best”, with connotations of virtue and competence. It sounds like a good way to run a society, depending on who gets to evaluate “best”.
Meritocracy means something like “the rule of those who deserve to rule”, with connotations of talent and accomplishment. There are certainly worse criteria by which to select leaders.
We need more of both, but we really need more aristocrats.
*Beda Kumis – Indonesian: “different by a moustache“