The elitist theory of government stresses that those people with resources and wealth garner the power in society. It is opposite of pluralism.
In an elitist society, it is believed that those that have the most resources must take power for the society. In order to have extensive resources, these people must be smart. Because of this, it makes sense for them to serve in power.
Elitists in this sense believe that the common people are common because they are missing superiority. It is believed that this form of government works because elitists will rule in order to maintain their superiority and wealth of resources.