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Kakistocracy (from The American Heritage® Dictionary of the English Language: Fourth Edition. 2000)

SYLLABICATION: kak·is·toc·ra·cy
PRONUNCIATION: kăk-stŏk’rə-sē, käk’–
NOUN: Inflected forms: pl. kak·is·toc·ra·cies
Government by the least qualified or most unprincipled citizens.
ETYMOLOGY:
Greek kakistos, worst, superlative of kakos, bad; caco– + –cracy.
Oldest use: 1829.

* Reference link 1
* Reference link 2

PUTTING THE WORD TO USE:
“Is ours a government of the people, by the people, for the people, or a kakistocracy rather, for the benefit of knaves at the cost of fools?” – 1876 OED

From Altercation correspondent Barry R.