Aristocracy can be seen in both a positive and negative light since it can be considered a pro to allow the most educated people in a nation to make the biggest decisions regarding that nation, yet it can be considered a con to allow a few people to make important decisions for an entire people. In today's democratic world, the term aristocracy is typically considered negative because it often means that a small, wealthy portion of the population is controlling the entire nation, leading to a disparity in individual rights.
Aristocracy is a type of government where only a small minority rules based on the idea that this small minority is made up of those who are most qualified to rule. It is similar to a monarchy style of government because many monarchies were ruled by the aristocrats who lived in them as well as the King, Queen or Emperor of the monarchy.
The Greek philosophers Plato and Aristotle were the first to imagine an aristocracy and create one. These two philosophers believed that the best of their age should be placed into the ruling class and therefore rule the rest of the population. These people must be morally and intellectually superior than the rest of the population. While the idea had positive moments, it was not practical because it was difficult to judge who was the "best of the age" because the best is subjective.