noun. A type of government found in What-a-clusterfuck-istan.
Real citation: "Iran's double-digit unemployment rate and double-digit inflation rate shows that this Regime is a failure-ocracy! #iranelection"
(April 5, 2010, Iran Hope, Twitter, http://twitter.com/Iranpr/statuses/11673186157)
Made-up citation: "I have always lived my life according to the principles of failure-ocracy. Hey, at least it's an ethos."