Government by the representatives of the people:

Answer: Option B

The one word substitution is Democracy.

Autocracy : a system of government by one person with absolute power.
Socialism : policy or practice based on the political and economic theory of socialism.
Anarchy : a state of disorder due to absence or non-recognition of authority or other controlling systems.
Democracy : a system of government by the whole population or all the eligible members of a state, typically through elected representatives.