Source : Webster's Revised Unabridged Dictionary (1913)

Merry-go-round \Mer"ry-go`-round"\, n.
   Any revolving contrivance for affording amusement; esp., a
   ring of flying hobbyhorses.

Source : WordNet®

merry-go-round
     n 1: a never-ending cycle of activities and events (especially
          when they seem to have little purpose); "if we lose the
          election the whole legislative merry-go-round will have
          to start over"
     2: large mechanical apparatus with seats for children to ride
        on [syn: {carousel}, {carrousel}, {roundabout}, {whirligig}]