Money is a poor form of meritocracy because once you have it you can tilt the board towards you and yours forever regardless of future merit.
Worse the portion of wealth from true merit is cover for just how much is graft, rent, and corruption.
The end point of any system whereby power gives one the ability to further consolidate power needs to be balanced with redistribution else all power naturally concentrates in a shrinking few.
No man is self made. Billionaires are generally the children of lesser wealth.
Professional meritocracies where groups of professionals judge the efficacy of fellow practitioners? Licensing boards. Colleges, testing, professional memberships, peer review.
We can also acknowledge that we are incapable of making such systems optimal and take from all to give to all in terms of public works, education, health.
This insures that even if capitalism doesn't properly reward all participants aptly for their contributions to society all get a chance to live and contribute. If you look at true believers in capitalism one would suppose that the market is the only guide to worth and how we should allocate capital. Neither is true.
Worse the portion of wealth from true merit is cover for just how much is graft, rent, and corruption.
The end point of any system whereby power gives one the ability to further consolidate power needs to be balanced with redistribution else all power naturally concentrates in a shrinking few.
No man is self made. Billionaires are generally the children of lesser wealth.