democracy (n.)

"of or belonging to the people," especially "pertaining to the common people, popular, vulgar," 1822, from Latinized form of Greek dēmotikos "of or for the common people, in common use," from dēmos "common people," originally "district," from PIE *da-mo- "division," from root *da- "to divide." Originally in English it was used in reference to the simpler of two forms of ancient Egyptian writing (opposed to hieratic or hieroglyphic); the broader sense is by 1831. Used of the popular form of modern Greek since 1927.

1560s, "government by those who are the best citizens," from French aristocracie (Modern French aristocratie), from Late Latin aristocratia, from Greek aristokratia "government or rule of the best; an aristocracy," from aristos "best of its kind, noblest, bravest, most virtuous" (see aristo-) + abstract noun from kratos "rule, power" (see -cracy).

In early use contrasted with monarchy; after the French and American revolutions, with democracy. The meaning "rule by a privileged class, oligarchy, government by those distinguished by rank and wealth" (best-born or best-favored by fortune) is from 1570s and became paramount 17c. Hence the meaning "patrician order, the class of hereditary nobles" (1610s), and, generally, that of "persons notably superior in any way, taken collectively" (1650s).