Theory of democracy set out by the American economist and political scientist Joseph Schumpeter(1883-1946).
The theory of democracy had attributed power to the people; that of elitism had attributed it to minorities.
In democracies this polarity is resolved, by elites competing for popular electoral support to enable them to exercise power subject to its being renewed at the next election.
Geraint Parry, Political Elites (London, 1969)
Elitism is the belief or notion that individuals who form an elite—a select group of people perceived as having an intrinsic quality, high intellect, wealth, special skills, or experience—are more likely to be constructive to society as a whole, and therefore deserve influence or authority greater than that of others. The term elitism may be used to describe a situation in which power is concentrated in the hands of a limited number of people. Oppositions of elitism include anti-elitism, egalitarianism, populism, and political theory of pluralism.
Elite theory is the sociological or political science analysis of elite influence in society: elite theorists regard pluralism as a utopian ideal.
Elitism is closely related to social class and what sociologists term “social stratification”. In modern Western societies, social stratification is typically defined in terms of three distinct social classes: the upper class, the middle class, and the lower class.
The term elitism is also sometimes used to denote situations in which a group of people claiming to possess high abilities or simply an in-group or cadre grant themselves extra privileges at the expense of others. This form of elitism may be described as discrimination.
Some synonyms for “elite” might be “upper-class” or “aristocratic”, indicating that the individual in question has a relatively large degree of control over a society’s means of production. This includes those who gain this position due to socioeconomic means and not personal achievement. However, these terms are misleading when discussing elitism as a political theory, because they are often associated with negative “class” connotations and fail to appreciate a more unbiased exploration of the philosophy.